{"id":64631,"date":"2022-07-20T11:22:19","date_gmt":"2022-07-20T08:22:19","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=64631"},"modified":"2025-09-06T15:30:22","modified_gmt":"2025-09-06T12:30:22","slug":"us-outlines-timetable-for-passage-of-cryptocurrency-regulation-bill","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/us-outlines-timetable-for-passage-of-cryptocurrency-regulation-bill\/","title":{"rendered":"US outlines timetable for passage of cryptocurrency regulation bill"},"content":{"rendered":"<p>A bipartisan bill regulating the crypto industry as a comprehensive document could be enacted in 2023. This was stated by U.S. Senator from Wyoming Cynthia Lummis during the Bloomberg Crypto Summit.<\/p>\n<p>According to her, some lawmakers will need more time to understand the topic. Co-author Kirsten Gillibrand added that policymakers and regulators &#8220;have begun recognise the need for consumer protection.&#8221;<\/p>\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\">\n<div class=\"wp-block-embed__wrapper\">\n<iframe loading=\"lazy\" title=\"Bloomberg Crypto Summit | Session 1\" width=\"500\" height=\"281\" src=\"https:\/\/www.youtube.com\/embed\/DtFucHueMG8?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div>\n<\/figure>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Kirsten and I both believe that the document, overall as a broad bill, is most likely to be postponed until next year,&#8221; Lummis said.<\/p>\n<\/blockquote>\n<p>She did not rule out that some parts of the &#8220;Responsible Financial Innovations Act&#8221; could be approved in 2022 within other regulatory acts. In particular, Gillibrand pointed to a proposal by colleagues Debbi Stabenow and John Boozman to vest the <span data-descr=\"US Commodity Futures Trading Commission\" class=\"old_tooltip\">CFTC<\/span> with the powers of the primary regulator for crypto oversight.<\/p>\n<p>Lummis also added that the section on regulating stablecoins could be included in the document developed by the Banking Committee.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;There is now additional interest, because they [lawmakers] have seen that this is important to do, that today consumers are not protected, there is no oversight or accountability and there are no rules,&#8221; Gillibrand said.<\/p>\n<\/blockquote>\n<p>Earlier, Senator Elizabeth Warren, a member of the United States Senate Banking Committee, urged Congress and the Securities and Exchange Commission (SEC) <a href=\"https:\/\/u1f987.com\/en\/news\/senator-elizabeth-warren-calls-for-tougher-regulation-of-cryptocurrencies-in-the-united-states\">to take a tougher stance<\/a> on the crypto industry.<\/p>\n<p>The senators&#8217; statements came amid problems <a href=\"https:\/\/u1f987.com\/en\/news\/celsius-files-for-bankruptcy-protection\">Celsius Network<\/a>, <a href=\"https:\/\/forklog.news\/voyager-digital-podal-zayavlenie-o-bankrotstve\/\">Voyager Digital<\/a>,<a href=\"https:\/\/forklog.news\/three-arrows-capital-podal-zayavlenie-na-bankrotstvo\/\"> Three Arrows Capital<\/a>, and also <a href=\"https:\/\/u1f987.com\/en\/news\/terras-death-spiral-how-and-why-luna-and-ust-collapsed\">the Terra ecosystem collapse<\/a>.<\/p>\n<p>In December 2021, Lummis <a href=\"https:\/\/u1f987.com\/en\/news\/u-s-senator-cynthia-lummis-to-propose-a-bill-regulating-cryptocurrencies\">announced a bill<\/a> to regulate cryptocurrencies, describing it as &#8220;comprehensive&#8221;. The document was planned to include a range of issues\u2014from taxation to consumer protection.<\/p>\n<p>In March 2022, some details emerged, including <a href=\"https:\/\/u1f987.com\/en\/news\/us-senators-reveal-details-of-cryptocurrency-regulation-bill\">division of oversight between CFTC and SEC<\/a>. Later, the Wyoming senator <a href=\"https:\/\/u1f987.com\/en\/news\/cynthia-lummis-explains-omission-of-nfts-from-crypto-regulation-bill\">clarified<\/a> that the bill did not include provisions on non-fungible tokens due to difficulties in classifying them.<\/p>\n<p>In June, Lummis and Gillibrand <a href=\"https:\/\/u1f987.com\/en\/news\/us-senate-unveils-bipartisan-bill-to-regulate-crypto-industry\">unveiled the full version<\/a> of the &#8220;Responsible Financial Innovations Act.&#8221;<\/p>\n<p>Read ForkLog&#8217;s Bitcoin news in our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, rates and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A bipartisan bill to regulate the crypto industry as a comprehensive document could be enacted in 2023, according to U.S. Senator Cynthia Lummis of Wyoming during the Bloomberg Crypto Summit.<\/p>\n","protected":false},"author":1,"featured_media":64632,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[36,26],"class_list":["post-64631","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-regulation","tag-usa"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/64631","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=64631"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/64631\/revisions"}],"predecessor-version":[{"id":64633,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/64631\/revisions\/64633"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/64632"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=64631"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=64631"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=64631"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}