A pair of US senators who recently drafted the cryptocurrency bill posted it online via GitHub in an effort to solicit comments.
The senators, Democrat Kirsten Gillibrand of New York and Republican Cynthia Lummis of Wyoming, released new bipartisan legislation on crypto on Microsoft’s proprietary software development and version control platform.
Through its platform, GitHub allows its more than 83 million users to collaborate on software projects by allowing each of them to contribute code to the same project at the same time.
The senators are seeking input from “industry stakeholders, consumers and stakeholders to ensure this landmark legislation reflects the innovative nature of the industry it regulates, while adding confidence and stability to consumers,” Lummis’ office said. in an email to Bloomberg.
Legislation to be discussed by the Senate
Titled the Lummis-Gillibrand Responsible Financial Innovation Act, the bipartisan bill will seek to establish a standard for determining the quality of a digital asset, whether it is a security or a commodity. Under current legislation, many cryptocurrencies would be designated as commodities and thus fall under the jurisdiction of the Commodity Futures Trading Commission (CFTC) rather than the Securities and Exchange Commission (SEC).
The legislation is expected to be discussed at an upcoming Senate Finance Committee hearing.
“Digital assets, blockchain technology and cryptocurrencies have seen tremendous growth in recent years and offer substantial potential benefits if harnessed correctly,” Gillibrand said in a press release.
“It is critical that the United States play a leadership role in developing policies to regulate new financial products, while also fostering innovation and protecting consumers.”
CFTC initiates review
At an event earlier this month, CFTC Commissioner Summer Mersinger said the independent board has launched a review of its potential role on cryptocurrencies. She believes the CTFC “could have a broader role” in areas such as cryptocurrency trading in the spot market, even though the agency historically does not regulate spot markets.
“You are seeing the industry rally around the CFTC becoming the main regulator,” he added. “We are still a strong regulator, but our registrants have a lot of flexibility. They have been very interested in that approach versus the top-down way of some other financial regulators.”
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