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Cynthia Lummis’ crypto bill supported by New York senator

By:
on Mar 26, 2022
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  • New York Senator Kirsten Gillibrand joins Cynthia Lummis to draft crypto bill.
  • Cynthia Lummis is a long-term Bitcoin supporter.
  • Gillibrand is among the few Democrat politicians that have supported friendly crypto legislations.

With the US Mid-term elections nearing, there has been a rise in the number of politicians wooing the crypto community. Nevertheless, the US political sphere remains largely divided on regulating the crypto space.

Senator Kirsten Gillibrand, the Senator of New York, now supports the crypto bill lodged by Republican Senator Cynthia Lummis. Lummis is a long-time supporter of Bitcoin (BTC/USD), and she has personal Bitcoin investments.

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New York Senator supports Lummis’ crypto bill

Gillibrand is a member of the Democratic Party, and she will now be working will Lummis in drafting the crypto bill. Lummi’s crypto bill is expected to be dropped in the coming weeks, and it is eagerly awaited by the crypto community.

The two senators were speaking at a Grayscale-sponsored event where they highlighted some of the areas that this bill will touch on. These areas include consumer protection, taxation, banking and more.

Gillibrand noted that legislatures were also working on developing a comprehensive regulatory framework for cryptocurrencies. This framework would show how the crypto industry would be regulated in the future. In recent months, there have been complaints about a lack of clarity in crypto regulations in the US.

The New York Senator added that the crypto sector would be regulated by the Securities and Exchange Commission (SEC) and the Commodity Futures and Trading Commission (CFTC).

Gillibrand added,

Many of the goals that Sen. Lummis and I have are identical – we want to address things like safety and soundness, we want to address consumer protection, we want to address certainty for markets.

Crypto regulations in New York

Gillibrand represents a state that has attracted many cryptocurrency businesses. However, the regulatory framework for New York is not as friendly as other states such as Wyoming, Texas and Florida.

Last February, the New York Attorney general’s office filed charges against Tether and Bitfinex. Following these charges, the companies were forced to pay a fine of $18.5 million.

However, the mayor of New York City, Eric Adams, is pro-Bitcoin. The mayor stated that he would receive his first three paychecks in Bitcoin and Ethereum. He also has plans to make New York a crypto-friendly state.

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