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Cynthia Lummis Drops Reveal Date for Landmark Crypto Legislation

Senator Cynthia Lummis (R-WY) has given a specific date for when her long-awaited crypto regulator bill will be unveiled.

The legislation will help to sort cryptocurrencies under appropriate regulatory labels and federal jurisdictions.

  • According to a tweet from the senator on Friday, the final version of her bill will be released on Tuesday, June 7th. Lummis has spent months working on the bill alongside Senator Kirsten Gillibrand (D-NY), announcing it as early December 2021.
  • The bill will reportedly provide sweeping coverage of the digital asset ecosystem. However, it will do nothing to address the regulatory status of non-fungible tokens (NFTs).
  • That said, the bill has been kept tightly under wraps by both senators, wishing for its language only to be revealed in its final state. The Block today shared the first known draft of the bill from March 1st.
  • This months-old draft is seventy pages long and provides extensive sections dedicated to crypto tax policy and stablecoin regulation.
  • Furthermore, its language implies that massive swaths of the crypto market could be placed under the supervision of the Commodities and Futures Trading Commission.
  • “Except as otherwise provided by this section, the [CFTC] shall have exclusive jurisdiction over any agreement, contract, or transaction involving a contract of sale of a digital asset that is offered, solicited, traded, executed, or otherwise dealt in interstate commerce,” reads page 20 of the draft.
  • Debate still circulates on whether cryptocurrencies resemble commodities, or if they should be governed by the Securities and Exchange Commission.
  • On one hand, Lummis has clearly stated that she views Bitcoin as a commodity. On the other, she believes Ethereum’s switch to proof of stake could affect its classification.
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Lummis clarified in her tweet today that the draft circulating online today is “incredibly outdated.”

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