Sensators Cynthia Lummis and Kirsten Gillibrand introduced legislation this week to create a regulatory framework for the crypto markets, which would classify the vast majority of digital assets as commodities. Aides to Gillibrand and Lummis said their proposed law treats all digitals assets as “ancillary” unless they behave like a security a corporation would issue to investors to build capital.
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Bipartisan crypto regulatory overhaul would treat most digital assets as commodities under CFTC oversight
“My home state of Wyoming has gone to great lengths to lead the nation in digital asset regulation, and I want to bring that success to the federal level,” Lummis said in a press release. “As this industry continues to grow, it is critical that Congress carefully crafts legislation that promotes innovation while protecting the consumer against bad actors.”
