Sen. Gillibrand on stablecoins
On Friday, Senator Kirsten Gillibrand (D, NY) appeared at Messari Capital’s Mainnet crypto event in New York City on Friday and talked all things digital assets in a conversation with Crypto Council of Innovation’s Sheila Warren. Sen. Gillibrand was remarkably positive about legislation momentum in spite of what may look like Capitol Hill gridlock due to a divided government. Senator Gillibrand is co-sponsor of the Lummis-Gillibrand Responsible Financial Innovation Act and a member of the Senate Agriculture and Intelligence Committees.
Gilibrand cut to the chase: “…passing a stablecoin bill is the low hanging fruit and we should absolutely try to do that this Congress (by the end of ‘24). I also think that passing a market structure bill is possible this Congress and so those two pieces would be the highest priority. We’ve already done the anti-money laundering and know-your-customer and anti-terrorism financing provisions in the defense bill (see NDAA amendment). It’s there. It’s workable, it’s smart, and it can be implemented. So, I would really hope that we can create a national conversation around at least the two next pieces, because it would make a huge difference. And there’s such a willingness on behalf of the leaders. In the House and the Senate to do this. We just need to create consensus and create momentum with other members understanding what’s at stake and why it’s important.”
Suggesting that the lightweight NDAA amendment covers the AML-KYC piece for digital assets seems to challenge the scope of – and growing number of co-sponsors for – Senator Elizabeth Warren’s (D, MA) “Digital Asset Anti-Money Laundering Act.”
Nevertheless, Gillibrand didn’t hesitate on discussing what’s at stake: “If we can regulate, we can keep markets and we can keep participants. It allows our economy to grow, allows us to compete worldwide, and that’s better for New York, it’s better for America.” Continue reading “Crypto Democrats: Torres Challenges Progressives, Gillibrand Bullish On Legislation”