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Appearing on a panel together on Tuesday at the DC Blockchain Summit, U.S. senators Kirsten Gillibrand (D-N.Y.) and Cynthia Lummis (R-Wyo.) discussed their proposed bipartisan crypto legislation which is in the making and nearing completion before the summer.
The bill’s main considerations are clarity on the roles of the two key U.S. market regulators as well as to liberate crypto miners from being tagged as broker-dealers relieving them from unfair taxations.
The proposal includes for the Commodity Futures Trading Commission (CFTC) to act as the primary regulator for spot markets and futures, while the Securities and Exchange Commission (SEC) to step up as the supervisor of crypto, defined by the so-called Howey Test as securities.
Speaking at the event where the Lummis and Gillibrand hinted at the crypto bill being ready by June, the latter said:
“We are truly committed to creating the type of baseline and framework legislation that will allow this industry to grow, allow it to flourish. The best thing we can do for all these businesses is to bring clarity.”
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Gillibrand added that she expects the bill to get Senate votes “next year at the latest.” Before that. It will still need to clear four different committees, of which Gillibrand and Lummis are seated in only two.