A bipartisan bill to regulate the crypto industry as a full-fledged document may be adopted in 2023. This was announced by U.S. Senator from Wyoming Cynthia Lummis during Bloomberg Crypto Summit.
According to her, some lawmakers will need more time to understand the topic. Co-author Kirsten Gillibrand added that politicians and regulators are “starting to recognize the need” for consumer protection.
“Both Kirsten and I believe that the document as a whole, as a general bill, will likely be delayed until next year,” Lummis said.
She did not rule out that parts of the “Responsible Financial Innovation Act” would be approved in 2022 as part of other regulations. In particular, Gillibrand pointed to a proposal by colleagues Debbie Stabenau and John Busman to give the CFTC the authority to be the primary supervisory authority over the crypto industry.
Lummis also added that the Stablecoin regulation portion could be included in a document developed by the Banking Committee.
“There’s additional interest now because they [lawmakers] saw that it’s important to do this, that today consumers are not protected, there’s no oversight or accountability and there’s no regulation,” Gillibrand said.
Recall, the U.S. Treasury Department talked about the benefits of digital currencies.