U.S. Senator: The potential for bipartisan passage of stablecoin bills in the House and Senate is huge

By Jesse Hamilton, CoinDesk; Compiled: Pine Snow, Golden Finance

Although the U.S. House of Representatives was paralyzed by the dramatic events of the Republican leadership, U.S. Senators Kirsten Gillibrand (D-N.Y.) and Cynthia Loomis (Wyoming Republican) are still working to push for the passage of cryptocurrency legislation.

! [ZF9mBUECAkii9ecizDwuTrNgvPfUnyuf3v3LUdCz.jpeg] (https://img-cdn.gateio.im/webp-social/moments-901ff9e656-a228fa5ef0-dd1a6f-69ad2a.webp “7122363”)

U.S. Senators Kirsten Gillibrand and Cynthia Lummis are hopeful about every aspect of their comprehensive crypto bill.

Gillibrand said at the cryptocurrency conference in Washington on Tuesday: "I think there is huge potential for both the House and Senate to pass a stablecoin bill. “This is a measurable, achievable goal for both houses.”

This year, the House Financial Services Committee passed a stablecoin bill, but the Senate hasn’t made much progress — though the Loomis-Gillibrand bill has addressed the topic.

Going further, the Senate’s efforts are aimed at starting illegal trading against cryptocurrencies, which now exists as an amendment to the Senate Defense Spending Plan. Now in the stage where the Senate and House of Representatives address the differences between the bill, if the cryptocurrency provisions pass, it would set the U.S. standard for censorship and examine how to crack down on anonymous transactions.

Gillibrand said the defense budget “may be passed this year or early next year,” while senators predicted that the amendments focusing on cryptocurrencies “may remain.”

As for the broader and more ambitious cryptocurrency market structure legislation, which would authorize the U.S. Commodity Futures Trading Commission (CFTC) to act as the regulator for cryptocurrency commodity trading, Gillibrand said it “hopes next year” it will find some traction. She said the SEC’s current attitude of guiding the industry through penalties is untenable.

“Congress needs to act,” she said. "We can’t let the SEC regulate through enforcement. This won’t work. The court has already said so. So it’s important that Congress do its job. ”

Loomis said that traditional financial companies are emerging, especially in the potential spot bitcoin exchange-traded fund (ETF) and other crypto ETF space.

Loomis said at the same event on Tuesday: “As mainstream finance moves into this space, I think members of Congress will see that we can no longer bury our heads in the sand.” Loomis hinted that some lawmakers may be more willing to work with representatives of traditional financial firms. She said of people in traditional finance: "When they go to a party, they bring a lot of people. ”

The two senators encouraged crypto companies to continue to state their positions in Washington, noting that most lawmakers still don’t know much about the industry.

Source: Golden Finance