and Tweet On July 13, Justin Slaughter, policy director at research firm Paradigm and former senior SEC adviser, offered his opinion on the future of monetary policy. Lumis Gillibrand Responsible Financial Innovation Bill.

“The chances of this bill passing are lower than those of McHenry Thompson for the simple reason that neither Lumis nor Gillibrand head a Senate committee,” he said. He suggested the bill may not pass through the U.S. Congress due to lack of committee leadership by the bill’s sponsors. .

The bill, proposed by Senators Cynthia Lumis and Senators Kirsten Gillibrand, aims to provide regulatory clarity to the emerging cryptocurrency industry. This will give the Commodity Futures Trading Commission (CFTC) oversight over cryptocurrency exchanges.

The bill failed to attract much support when first proposed last year and was reintroduced on July 12.

Why is this bill likely to be rejected?

Slaughter explained that all bills in Congress require the support of the chairs and executives of each committee to decide whether they pass the early stages.

Slaughter said the Lumis-Gillibrand bill faces significant opposition after Senator Sherrod Brown, chairman of the Senate Banking Committee, previously expressed indifference to the bill. Moreover, other Democrats on the Banking Committee were also not particularly sympathetic to the cause.

A former senior SEC adviser said even if the bill received enough support to pass through the committee, Senator Brown’s opposition could prevent a Senate hearing. Committee chairs can withdraw bills that they do not support if they do not put them before parliament.

The Lumis-Gillibrand bill could still shape cryptocurrency law.

according to massacre, the Lumis-Gillibrand bill could still affect cryptography. Key aspects of this bill could be incorporated into a separate legislative proposal known as the McHenry-Thompson bill.

Proposed by influential members of the House Financial Services Committee, the McHenry-Thompson bill aims to clarify the role of the SEC and CFTC in regulating the cryptocurrency industry.

Slaughter said the McHenry-Thompson bill is due for a price hike later this month, allowing lawmakers to make as many amendments as possible.

Slaughter, on the other hand, discusses smart contract definitions, reserve proof obligations, CEO certification, CFTC funding, criminal penalties for cryptocurrency crime, and more.

Lumis Gillibrand post-cryptocurrency bill faces congressional hurdles, but could shape future bills first appeared on CryptoSlate.

By Jules

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