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Senators From Both Parties Work Together To Push For Favorable Crypto Legislation

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Two senators from opposing political parties in the United States are working together to push for new legislation for the country’s cryptocurrency business. Republican Senator Cynthia Lummins’ drive for a cryptocurrency law has gained the backing of a Democrat who believes in promoting the growth of the fledgling digital currency business.

According to Bloomberg, Kirsten Gillibrand, a Democrat from New York, announced today that she will join Senator Lummis of Wyoming in introducing positive legislation in the coming weeks.

The Senators anticipate that the future crypto law would address a variety of issues relating to the cryptocurrency industry, such as consumer protection, privacy, taxes, and banking.

Gillibrand said: โ€œThe work we are doing is going to be a very complex and intensive review of different aspects of the industry. I think we might be able to get a vote, maybe by the end of the year.โ€

Lummis is a member of the Banking Committee, which oversees the Securities and Exchange Commission, while Gillibrand is a member of the Senate Agriculture Committee, which controls the Commodity Futures Trading Commission (CFTC) (SEC).

It is worth noting that the SEC and the CFTC both have jurisdiction over cryptocurrency regulation.

Industry experts in the United States have called on regulatory agencies to clarify the laws governing cryptocurrency.

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The lack of regulatory clarity has resulted in the SEC levying numerous fines against crypto-related enterprises. One of them is Ripple, a startup that has been involved in a long-running legal battle with the government.

According to reports, SEC Chairman Gary Gensler stated that he believes the majority of cryptocurrencies are securities. Simultaneously, CFTC chair Rostin Behnam recently announced that the commission, which focuses on the derivatives market, will play a larger role in crypto laws.