Another Senator Urges Colleagues To Join Crypto Bill
Senator Kirsten Gillibrand is urging her colleagues to join the cryptocurrency bill.
Gillibrand almost succeeded in pushing a cryptocurrency bill last year, but market events surrounding the FTX crash scared off Democrats. This July, Gillibrand and her colleague Cynthia Lummis introduced an updated cryptocurrency bill in Congress.
Speaking at a recent Mainnet conference, Gillibrand shared her plans to get her fellow Democrats on board with her bill. She especially wants the Senate banking segment to give their full attention to the bill. She stressed that she seeks to unite both parties on this issue.
Responding to Fortune's questions about her rivals and co-cryptocurrency opponents Elizabeth Warren and Sherrod Brown, Gillibrand revealed that she is in talks with Brown about cryptocurrencies and blockchain technology. She hinted that a compromise could be found, but it is unknown if Brown is willing to make one.
The Responsible Financial Innovation Act of 2023 bill by Gillibrand and Lummis proposes to define most cryptoassets as commodities and place them under the jurisdiction of the Commodity Futures Trading Commission. The bill also contains a section on regulating stablecoins, and Gillibrand believes these provisions could complement the House version.
Commenting on the Warren Bill, which aims to combat money laundering, Gillibrand said that there is no need for another anti-money laundering law. She believes that some provisions from the Warren bill cannot be applied to cryptocurrencies and will not work.
Gillibrand's bill offers hope for a bright future in the cryptocurrency space. But given the situation unfolding in Congress, the Democrats' bill is likely to be delayed again. Gillibrand said the shutdown in Congress will delay the progress of her bill.
