{"id":459442,"date":"2022-06-07T19:33:07","date_gmt":"2022-06-07T16:33:07","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/pro-cryptocurrency-regulatory-bill-introduced-by-sens-gillibrand-lummis\/"},"modified":"2022-06-07T19:33:07","modified_gmt":"2022-06-07T16:33:07","slug":"pro-cryptocurrency-regulatory-bill-introduced-by-sens-gillibrand-lummis","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/pro-cryptocurrency-regulatory-bill-introduced-by-sens-gillibrand-lummis\/","title":{"rendered":"#Pro-cryptocurrency regulatory bill introduced by Sens. Gillibrand, Lummis"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a27d1f17b38e\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a27d1f17b38e\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/pro-cryptocurrency-regulatory-bill-introduced-by-sens-gillibrand-lummis\/#%E2%80%9CPro-cryptocurrency_regulatory_bill_introduced_by_Sens_Gillibrand_Lummis%E2%80%9D\" >&#8220;Pro-cryptocurrency regulatory bill introduced by Sens. Gillibrand, Lummis&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9CPro-cryptocurrency_regulatory_bill_introduced_by_Sens_Gillibrand_Lummis%E2%80%9D\"><\/span>&#8220;Pro-cryptocurrency regulatory bill introduced by Sens. Gillibrand, Lummis&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<div>\n<aside class=\"single__inline-module alignleft\">\n<\/aside>\n<p>A pair of senators introduced the first major bipartisan proposal for cryptocurrency regulation on Tuesday with a bill that is largely friendly to the industry.\u00a0<\/p>\n<p>Sens. Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-Wyo.) want the government to treat bitcoin, ethereum and other cryptocurrencies like commodities such as wheat or aluminum \u2014 rather than as securities, the senators said.\u00a0<\/p>\n<p>That would place most major cryptocurrencies under the jurisdiction of the Commodities Future Trading Commission instead of the Securities and Exchange Commission, which has argued that the digital coins should be treated as securities. \u00a0<\/p>\n<p>Many in the cryptocurrency industry have long argued that the digital coins should be treated as commodities rather than securities.\u00a0<\/p>\n<p>In a press release, Gillibrand said that the proposal will \u201cestablish a regulatory framework that spurs innovation, develops clear standards, defines <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ropriate jurisdictional boundaries and protects consumers.\u201d\u00a0<\/p>\n<p>The bill, called the Responsible Financial Innovation Act, would make a number of other tweaks to crypto-related law, including removing a requirement that crypto traders report gains or losses of less than $200 to the Internal Revenue Service.<\/p>\n<p>The bill is unlikely to pass ahead of the midterms and could face opposition from more crypto-skeptical members of Congress including Sens. Elizabeth Warren (D-Mass.) and Sherrod Brown (D-Ohio). \u00a0<\/p>\n<p>Mark Hays, a senior policy with progressive group Americans for Financial Reform, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.wsj.com\/articles\/senators-to-propose-industry-friendly-cryptocurrency-bill-11654592401\">told the Wall Street Journal<\/a> that the bill would create a new class of securities without proper investor protections.\u00a0<\/p>\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-nypost-medium-post is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/commodities-future-trading-association-logo.jpg?w=322\" alt=\"Commodities Future Trading Association\" class=\"wp-image-22559648\" width=\"322\" height=\"214\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/commodities-future-trading-association-logo.jpg?quality=75&amp;strip=all&amp;w=642 644w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/commodities-future-trading-association-logo.jpg?quality=75&amp;strip=all&amp;w=482 483w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/commodities-future-trading-association-logo.jpg?quality=75&amp;strip=all&amp;w=322 322w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/commodities-future-trading-association-logo.jpg?quality=75&amp;strip=all&amp;w=161 161w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/commodities-future-trading-association-logo.jpg?quality=75&amp;strip=all 1024w\" sizes=\"auto, (max-width: 322px) 100vw, 322px\"\/><figcaption>The Commodities Future Trading Association would oversee most cryptocurrencies. <\/figcaption><figcaption><span class=\"credit\">CFTC<\/span><\/figcaption><\/figure>\n<\/div>\n<p>\u201cThis legislation would do quite a bit to undermine existing securities laws by creating an alternative route that could bypass the current, time-tested rules,\u201d he said.\u00a0<\/p>\n<p>The bill\u2019s introduction comes as cryptocurrency billionaires play an increasingly large role in political campaigns.\u00a0<\/p>\n<p>Sam Bankman-Fried \u2014 founder of popular cryptocurrency exchange FTX \u2014 was one of Joe Biden\u2019s largest donors in the 2020 presidential election and has already donated millions to Democratic candidates in this year\u2019s midterm elections. And pro-cryptocurrency Republican Blake Masters has raised hundreds of thousands of dollars through bitcoin donations and NFT sales in his Arizona senate campaign. \u00a0<\/p>\n<p>Lummis, for her part, is a big investor in bitcoin. She reported owning between $100,000 and $250,000 worth of the cryptocurrency in her 2022 financial disclosures.\u00a0<\/p>\n<p>\u201cThe United States is the global financial leader, and to ensure the next generation of Americans enjoys greater opportunity, it is critical to integrate digital assets into existing law and to harness the efficiency and transparency of this asset class while addressing risk,\u201d Lummis said in Tuesday\u2019s press release.\u00a0\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2022\/06\/07\/pro-cryptocurrency-regulatory-bill-introduced-by-sens-gillibrand-lummis\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Pro-cryptocurrency regulatory bill introduced by Sens. Gillibrand, Lummis&#8221; A pair of senators introduced the first major bipartisan proposal for cryptocurrency regulation on Tuesday with a bill that is largely friendly to the industry.\u00a0 Sens. Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-Wyo.) want the government to treat bitcoin, ethereum and other cryptocurrencies like commodities such as&#8230;<\/p>\n","protected":false},"author":1,"featured_media":459443,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2022\/06\/senators-cynthia-lummis-kirsten-gillibrand.jpg?quality=75&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[75422,130030,76127,95267,70934,72976,70289],"class_list":["post-459442","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-cftc","tag-6-7-22","tag-cryptocurrency","tag-kirsten-gillibrand","tag-regulation","tag-securities-and-exchange-commission","tag-senate"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/459442","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=459442"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/459442\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/459443"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=459442"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=459442"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=459442"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}