US Senators plan to share more information about the new crypto bill in mid-April.
During a Senate Agriculture Committee hearing on March 8th, Senator Kirsten Gillibrand announced her new draft for her Responsible Financial Innovation crypto bill.
In the hearing managed by the Commodity Futures Trading Commission (CFTC), Senator Kristen Gillibrand and fellow senator Cynthia Lummis plan to announce more details about their new draft in the middle of April.
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Senator Gillibrand, in the hearing, sought the opinion of Rostin Benham, the CFTC chair, on the previously drafted Lummis-Gillibrand crypto bill before announcing the new draft.
In responding to Senator Gillibrand’s question, Benham said the Lummis-Gillibrand crypto bill “carefully and thoughtfully considered all components of the market.” On top of that, he highlighted that the new draft addresses potential issues around cybersecurity and stablecoins.
When talking about the new draft during the Senate hearing on March 8th, Senator Gillibrand mentioned that the new draft would contain comprehensive details on tokens and how regulatory bodies will solve the problems that the first version of the draft pointed out.
The first Gillibrand-Lummis crypto bill was brought to the Senate in June 2022. At that time, the bill aimed to overview the duties of each regulatory body, remove taxes on crypto transactions worth less than $200 and bolster stablecoins scrutiny.
Senator Sherrod Brown, the leader of the Senate Banking Committee, has labeled crypto assets as speculative products that irresponsible companies run. His doubts about crypto assets are a threat to the future of the new draft.
During the same hearing, US Commodity Futures Trading Commission chair Rostin Behnam stated that stablecoins and Ether (ETH) are commodities and not securities.