Is crypto legislation bipartisan? That is what Sheila Warren, CEO of the Crypto Council for Innovation, hopes for as a regulatory bill enters “a very tight window” ahead of the 2022 Midterm Elections. (Reporting via onceatraveler)
Sheila Warren, CEO of the Crypto Council for Innovation, said the Digital Commodities Consumer Protection Act currently being considered by U.S. lawmakers was a “pivotal step” towards achieving regulatory clarity, but recommended changes to determine the role authorities will take on digital assets.
In written testimony for a Wednesday hearing on the bill with the Senate Agriculture Committee, Warrenshe generally approved of the proposed legislation"pav[ing] the way for innovation" in the United States, but added it needed to better define a “digital commodity” and security rather than leaving the matter to regulatory agencies or courts.
“The bill leaves it to the agencies and the Courts to determine whether a digital asset, other than Bitcoin and Ether, is a security or not,” said the Crypto Council CEO. “To date, this approach has not worked well, with significant implications for consumers, and is why the industry has made numerous calls for proactive regulation, rather than regulation by enforcement.”
Speaking to Cointelegraph, Warren said the bill, if passed, would grant the CFTC broad authority over the crypto spot market. She said that additional legislation and regulatory processes would likely be required to clarify the SEC’s role — a by SEC Chair Gary Gensler — adding there was “a very tight window” to pass such laws given the possible change in leadership following the 2022 midterm elections. Warren continued:Warren added in her written statement that the CCI supported provisions within the bill aimed at establishing consumer protection standards such as transparency requirements for financial tools and products in the crypto and blockchain space.
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