Even as the U.S. House of Representatives is paralyzed by Republican leadership drama, U.S. Senators Kirsten Gillibrand (D-N.Y.) and Cynthia Lummis (R-Wyo.) are still pushing to pass crypto legislation .
“I think there is tremendous potential for a bipartisan stablecoin bill in both the House and the Senate,” Gillibrand said at CoinDesk’s State of Crypto event held Tuesday in Washington. “This is a measurable and achievable goal for both chambers.”
A stablecoin bill was approved by the House Financial Services Committee this year, but the Senate has yet to make as much progress – despite the Lummis-Gillibrand bill after broaching the subject.
Even further away is a Senate effort expected to begin target illicit transactions in crypto, which now exists as an amendment to the Senate’s defense spending package. We are now at the stage where the Senate and House are working out the differences in their bills, and if the crypto provision passes, it will establish U.S. review standards and study how to combat anonymous transactions.
The defense budget “will likely pass this year or early next year,” Gillibrand said, and the senator predicted the crypto-focused amendment “will likely remain in effect.”
As for broader, more ambitious market structure legislation for crypto, which would allow the U.S. Commodity Futures Trading Commission (CFTC) to act as watchdog for crypto commodities trading, Gillibrand said declared that “I hope next year” it can find ground. She said the current position of the US Securities and Exchange Commission (SEC) of imposing sanctions on the sector is untenable.
“Congress must act,” she said. “We can’t let the SEC regulate through enforcement. It doesn’t work. The courts have said so. So it’s important that Congress does its job.”
Lummis said traditional financial companies are popping up, particularly in the area of spot Bitcoin exchange-traded funds (ETFs) and other crypto ETFs.
“As mainstream finance moves into this space, I think members of Congress are going to realize that we can no longer bury our heads in the sand,” Lummis said at the same event Tuesday, suggesting that some lawmakers will be more attuned. comfortable with the idea. representatives of traditional financial companies. “When they walk into the room where the party is,” she says of the TradFi people, “they bring a lot of people with them.”
Both senators encouraged crypto companies to continue making their case in Washington, noting that most lawmakers are still not well-informed about the sector.