JUST IN: Ambitious crypto bill Lummis-Gillibrand is making a 2.0 splash, and it's a lot -- amping the CFTC and saying stablecoins must come from depository institutions. SenLummis and SenGillibrand also have views on DeFi and taxes. by jesseahamilton
The U.S. Securities and Exchange Commission would take a back seat in a crypto oversight bill being re-launched by Sens. Cynthia Lummis and Kirsten Gillibrand , which would require that crypto exchanges be overseen by the Commodity Futures Trading Commission and all stablecoin issuers be regulated depository institutions.
Most of the progress so far in this legislative session has been in the House, where Republicans have been keen on a pair of bills – one to address rules of the road for stablecoins and another to define how crypto markets would be regulated. Before those recent efforts, though, Lummis and Gillibrand had carried the legislative hopes of much of the crypto industry when they’d
The legislation would also demand customers’ assets are fully segregated and impose new risk-management standards for crypto lending, outright banning “rehypothecation,” in which crypto firms use customer’s assets to stretch their own credit. Several crypto platforms About a month ago, the senators met with Lael Brainard, director of the White House’s National Economic Council and a former Federal Reserve governor who oversaw its research into central bank digital currency , going over the details of the legislation for about an hour, said people familiar with the effort behind the new bill. The lawmakers’ staffs have also had regular contact with the relevant financial agencies, the people said.
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