Lawmakers say crypto legislation could come by year-end
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Rep. Tom Emmer on stage at Axios' State of Play in Crypto on Sept. 19. Photo: Hector Emanuel on behalf of Axios
Crypto legislation could move forward as soon as the end of this calendar year, lawmakers said at Axios' State of Play for Crypto on Capitol Hill event in Washington, D.C., this morning.
Why it matters: The legislation could provide some of the regulatory certainty the crypto industry has been seeking.
Driving the news: Both Rep. Tom Emmer (R-Minn.) and Sen. Kirsten Gillibrand (D-N.Y.) said they were hopeful that some crypto bills could be introduced during the lame-duck session after the election.
- "The one bill that's very well positioned is the one written through the Ag Committee on the CFTC regulatory oversight for digital commodities," Gillibrand said.
- "They haven't introduced the actual compromise language yet, but I imagine after the election, it's a great time to do so," she added.
Between the lines: Emmer's hope for a "very productive" lame-duck is contingent in part on Republicans winning a clean sweep of the Presidential race and House and Senate majorities in the upcoming election.
- [During] the lame duck, if [Republicans are] in control, Trump has already said he will be the crypto president," Emmer said.
Yes, but: Not everyone is keen on the substance of the bills being introduced.
- Dennis Kelleher, CEO of the nonprofit group Better Markets, was critical of the selection of the CFTC to play a main regulatory role overseeing the crypto industry.
- "The CFTC is the smallest financial regulatory agency, the most chronically underfunded and understaffed regulatory agency… which is why the industry is pushing to get the CFTC to be their regulator," he said.
- "Nowhere else would we let an industry pick its regulator," he added.
The other side: Emmer, meanwhile, was critical of the SEC's approach to regulating crypto.
- Regarding SEC chair Gary Gensler, Emmer said, "He should be fired. He's gone well beyond and gone against his mission."
- "The mission of the SEC is to make sure that every American… has access to the greatest financial markets on the planet," Emmer said, adding that crypto "is the on-ramp for so many people of color [and] people that are trying to do remittances."
