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Take Two: The Lummis-Gillibrand Crypto Assets Bill 2.0
July 27, 2023On July 12, Senator Kirsten Gillibrand, a Democratic senator from New York who sits on the Senate Banking Committee, and Senator Cynthia Lummis, a Republican senator from Wyoming who sits on the Agriculture Committee, joined forces again to propose a comprehensive bill that seeks to organize and operationalize the Federal Government’s response to crypto activities in the United States. In a press release announcing the legislation, the two senators acknowledge working with many stakeholders (including Cadwalader) to obtain “substantial feedback” to improve their previous legislation (Summer 2022) and describe the 2023 bill as greatly expanded legislation that “adds strong new consumer protections and safeguards to further strengthen the industry against fraud and bad actors, while giving American innovators the chance to thrive.” The Lummis-Gillibrand bill runs 274 pages and addresses many crypto-related topics, including registration of cryptocurrency exchanges, improved anti-money laundering provisions, and updated directives regarding tax treatment of various crypto activities, and establishes a path for depository institutions to be able to issue payment stablecoins.
