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A bipartisan bill to regulate the crypto industry as a full-fledged document may be adopted in 2023. This was stated by US Senator from Wyoming Cynthia Lummis during the Bloomberg Crypto Summit.

Some legislators will need more time to understand the topic, she said. Co-author Kirsten Gillibrand added that politicians and regulators “began to recognize the need” for consumer protection.

Both Kirsten and I believe that the document as a whole, as a general bill, is likely to be postponed until next year

Lummis said

She did not rule out that some parts of the “Responsible Financial Innovation Law” will be approved in 2022 as part of other regulations. In particular, Gillibrand pointed to the proposal of colleagues Debbie Stabenau and John Boozeman to give the CFTC the authority to oversee the crypto industry.

Lammis also added that the part devoted to the regulation of stablecoins could be included in the document developed by the Banking Committee.

Now there is additional interest because they [legislators] have seen that it is important to do this, that today consumers are not protected, there is no oversight or accountability and there are no rules.

Gillibrand said

Earlier, US Senate Banking Committee member Elizabeth Warren called on Congress and the Securities and Exchange Commission (SEC) to take a tougher stance on the crypto industry.

The senators’ statements came amid the problems of Celsius Network, Voyager Digital, Three Arrows Capital, and the collapse of the Terra ecosystem.

Recall that in December 2021, Lummis announced a bill to regulate cryptocurrencies, describing it as “comprehensive”. The document was planned to include several issues – from taxation to consumer protection.

In March 2022, some of its details became known, including the division of oversight between the CFTC and the SEC. Later, the Wyoming senator clarified that the draft did not include provisions for non-fungible tokens due to the difficulty in classifying them.

In June, Lummis and Gillibrand unveiled the full Responsible Financial Innovation Act.

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