Second Round of Lummis-Gillibrand Crypto Bill Extends CFTC, Defines DeFi

About a month ago, senators met with the director of the White House’s National Economic Council and former Federal Reserve governor Lael Brainard, who oversees their research into central bank digital currencies (CBDCs), and discussed the details of the legislation for about an hour. discussed. , said people familiar with the effort behind the new bill. The people said that the staff of the legislators has also been in regular touch with the financial agencies concerned. He said the bill was designed to find a middle ground between the parties, and that many of its provisions were drawn directly from proposals by other lawmakers, such as Senator Elizabeth Warren (D-Mass.), a dedicated crypto critic.