Kirsten Gillibrand and Cynthia Lummis introduce Crypto bill outlining sweeping plan for future rules. Details in the comments.


Draft of Bill:

Other Coverage:



NBC News:

Financial News London:

  • Defines the terrain between crypto securities and commodities.
  • Most crypto would be considered commodities--for example ETH, LRC, etc.
  • The CFTC would be the crypto watchdog (having authority over spot markets)--This would be a new power for this federal agency--does not currently have a ton of reach into cash markets)
  • Provides legal clarity on how to handle customer holdings. (let's not rug users holdings if an exchange goes caput, right?!?!)
  • seeks to clarify the meaning of crypto broker (seeking to protect wallet providers and devs from certain tax reporting requirements)
  • Calls for a study on a self-regulatory organization from the SEC and CFTC and a proposal for starting one.
  • Those regulated by the CFTC would have to start paying fees to fund the CFTC--like how the SEC works now.
  • An industry 'sandbox' to test new products (limited scale and duration)

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