U.S. Senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.) have unveiled a second version of their comprehensive crypto regulation bill, which builds on a first draft introduced a year ago. The bill defines decentralized finance, addresses anti-money laundering provisions, and grants the Commodity Futures Trading Commission (CFTC) clearer authority over crypto issuers.
Chances are slim that it will, as a single bill, advance to becoming a law, but it may still drive a broader conversation within Congress on what sort of provisions smaller pieces of legislation should include, said Lummis.
The bill also grants the Securities and Exchange Commission (SEC) a defined, but arguably more limited role than it enjoys at present. It includes a de minimis tax exemption of up to $200 for payments, which would address the current issue of every type of transaction facing a capital gains/loss tax, regardless of the amount transacted.
This is a comprehensive bill – if other lawmakers decide to borrow parts, or at least look at parts while they consider their own legislation, this bill could still drive the conversation in D.C., said Gillibrand.
The House Financial Services Committee may be the closest to moving any legislation, with markups anticipated on the stablecoin and market-structure bills currently introduced to that body.