Revamped Crypto Bill by Senators Lummis and Gillibrand Finally Revealed
In the Wednesday edition of Fortune Crypto, Leo Schwartz discusses the slow and challenging nature of legislation in Washington and how that relates to the prospect of crypto legislation. He points to the passage of Dodd-Frank, a significant piece of legislation that faced considerable challenges even in the aftermath of the 2008 financial crisis. Schwartz then turns his attention to the recently released draft of a crypto bill by Senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.). He highlights that the bill is ambitious and bipartisan, addressing various critical issues in the crypto space. The legislation includes provisions that would please the crypto community, such as putting more oversight in the hands of the Commodity Futures Trading Commission, tax leniency for smaller transactions, and clear oversight for payment stablecoin issuers. It also attempts to win over skeptics by including a section on preventing illicit finance. However, an unclear path forward for the bill remains. Schwartz notes that due to the involvement of multiple committees, it is unlikely the bill will be considered in its current form. Instead, portions of it may be added to other must-pass legislative efforts. Nevertheless, the bill brings the Senate, particularly Lummis and Gillibrand, back into the legislative conversation dominated by the House. Schwartz concludes the newsletter by providing updates on recent news in the crypto space, including the sentencing of the second-in-command operator of the Silk Road marketplace, a software engineer charged with stealing from a decentralized crypto exchange, and federal investigations into campaign finance violations.