Weekend Wrap: Uniswap dev sacked for alleged rug, Steadefi hacker goes mixing and more
Uniswap developer AzFlin has admitted to creating the FRENS token but has argued what he did doesn’t constitute a rug pull.
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Značka: Cynthia Lummis
Ripple case: SEC appeal unlikely as it gains from 'current confusion' — Haun Ventures CEO
An immediate appeal could potentially jeopardize the SEC’s “entire enforcement agenda” if it ends up losing, said Katie Haun of Haun Ventures.
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Is Biden’s controversial Bitcoin mining tax dead or set to rise from the ashes?
References to the tax were removed from the U.S. debt bill, but that doesn’t mean it’s gone for good.
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Bitcoin cleans up the environment and helps catch criminals: US Senator Cynthia Lummis
U.S. Senator Cynthia Lummis joined Chamber of Digital Commerce CEO Perianne Boring on stage at Bitcoin 2023 in Miami for a lengthy discussion on regulation.
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Senators slam bank execs for blaming collapses on crypto, pocketing millions
Senator Lummis noted that Signature Bank’s Scott Shay mentioned digital assets 10 times in his testimony about the bank’s collapse.
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Congressman McHenry announces joint hearings to address market structure around digital assets
Patrick McHenry suggested that the hearings will look to add to the regulatory efforts being done on the bipartisan bill led by Senator Cynthia Lummis and Senator Kirsten Gillibrand.
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The crypto industry can trust Cynthia Lummis to get regulation right
As the world waits to see America’s take on cryptocurrency regulation, crypto enthusiasts should keep one thing in mind: The industry can trust Senator Cynthia Lummis. Her proposal with Senator Kirsten Gillibrand, which we’ve all been waiting for action on, is bipartisan in nature.We’re still awaiting the final details, but things have slowed to a crawl with the November elections around the corner. United States Securities and Exchange Commission Chairman Gary Gensler has moved forward with commentary that suggests the Commodity Futures Trading Commission will take a major role in the oversight of Bitcoin (BTC), which, in and of itself, would require congressional movement. However, we know a few things that are consequential. In particular, Lummis has said in interviews that she’s welcoming comments from the industry. That dialogue is critically important to get this legislation done correctly.“We’ve designed [the crypto bill] so it works within the customary framework for managing and regulating traditional assets,” Lummis said. “We’re going to put it out in draft form for discussion purposes, and you can spend 30 days to help us get this bill in as good of a form we possibly can before actually filing it.”Related: Sen. Lummis: My proposal with Sen. Gillibrand empowers the SEC to protect consumersThere’s no question that the industry needs greater guidance on how digital assets are to be treated. Digital assets, including cryptocurrencies and stablecoins, deserve better oversight. Investors should be able to depend on them following the same regulatory routine as securities or commodities and be sure of which commission oversees them. Right now, they’re stuck in limbo, which isn’t healthy for the industry.Some in the industry think that any regulation is, by definition, a bad thing. But in order to truly mainstream, digital assets need to follow a rulebook that everybody can understand. Having Lummis lead this discussion means that we should feel comfortable that we have somebody fighting to find ways to make the industry viable long-term. She has a history that proves that she understands the power of blockchain technology and the benefits of innovation within the fintech sector. And, frankly, the past six months have not boded well for those arguing against regulation of any kind. Not only do we have headlines from disasters like Celsius Network, but there’s also a steady drumbeat of eight- and nine-figure hacks that the industry seems unable to stop.Since her election to the U.S. Senate, Lummis has taken a steadfast stand for financial privacy, commonsense regulation and enhanced innovation in the financial sector. She fought against privacy overreach in compliance measures of President Joe Biden’s American Families Plan. In one particularly feisty exchange with Treasury Secretary Janet Yellen, Lummis noted that “bank customers are not subjects to the federal government. Banks do not work for the IRS.”Lummis once proclaimed that “privacy is a way of life” in Wyoming before lamenting that big tech is trampling civil liberties. Yet at the same time, she’s advocated for enhancing the ability of American innovators to compete in a global economy. She was among the first to opine that bringing “legal clarity to the digital asset industry” would increase the country’s ability to compete with China. And it’s worth considering that among major powers, China is far ahead of the U.S. and the European Union in developing, testing and deploying a Central Bank Digital Currency (CBDC). China, as the senator has separately noted, is pushing a digital yuan, in part, to increase control over the country’s financial system through enhanced surveillance opportunities.If we want to keep pace with China, then we must provide legal clarity to the digital asset industry. While the SEC has a reputation as a black hole for innovators, Gary Gensler recognizes the potential of digital assets. (1/2)— Senator Cynthia Lummis (@SenLummis) April 14, 2021While the senator believes that an American CBDC would help strengthen the U.S. dollar for the foreseeable future, Lummis simultaneously called for privacy to be a “cornerstone principle” of any CBDC proposal that is moved forward. Among her most notable positions is that we “cannot allow a CBDC to become a panopticon.”Related: GameFi developers could be facing big fines and hard timeTaken in totality, Lummis’ positions seem to be in conflict with one another. She fights for new technological innovation in the financial sector, yet she cautions that privacy must be of paramount concern. In fact, the juxtaposition of her ideas on this issue is exactly what makes her the ideal negotiator for fair and balanced legislation on cryptocurrencies. Digital assets are built based on blockchain technologies, which will categorically change how the world conducts its business. Those technologies should be fostered. Innovation is important to our nation’s long-term economic success. However, at the same time, the cryptocurrency industry yearns for greater regulation, particularly as it relates to Anti-Money Laundering laws and Know Your Customer compliance.It is up to the government to strike a balance that protects the general welfare of the citizenry while simultaneously allowing innovators to do what they do best. Lummis hits all the right notes. Wyoming, and the rest of the world, will benefit from blockchain-based technologies, including digital assets. But we need a leader in the U.S. Senate who will stand up for the rights of the citizenry while ensuring that American technology providers are able to compete on the world stage.Lummis has struck the correct tone, marrying the pursuit of innovation with the protection of our right to financial privacy. Neither privacy nor innovation is partisan ideas. They aren’t even political. They are simply common sense.Richard Gardner is the CEO of Modulus, which builds technology for institutions that include NASA, Nasdaq, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Microsoft, Cornell University and the University of Chicago.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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Sen. Lummis: My legislation would empower the SEC to protect consumers
The United States has been the global financial leader since World War II when the U.S. dollar became the world reserve currency. Consequently, Americans have enjoyed benefits like greater buying power, easier access to capital and low-interest rates—including on our national debt.Unfortunately, we face a growing threat to that dominance, from our national debt on the one hand and China’s ascendance and their own digital currency on the other. If the U.S. dollar lost its position as the world reserve currency, it would mean higher U.S. interest payments, more expensive debt repayments and a skyrocketing deficit.The best time to address a crisis is before it begins and the United States still has the opportunity to right our fiscal ship and set ourselves on course for continued financial leadership.Related: SEC listing 9 tokens as securities in insider trading case ‘could have broad implications’ — CFTCI believe digital assets are the place to start. Decentralized digital assets, like Bitcoin (BTC), offer users a way to invest in a store of value that governments cannot inflate away. The ledger technology undergirding it, called blockchain, has many incredible applications, from currency to tracking shipping and enabling smart contracts.Runaway inflation is a government-made disaster (and not just our government is guilty). Deny and debase is the central planning policy we are seeing play out before our very eyes.— Cynthia Lummis (@CynthiaMLummis) July 26, 2022Since 2018, I’ve watched my home state of Wyoming become the national leader in digital asset regulation, giving innovators regulatory room to experiment while protecting consumers from scammers.As a former state treasurer, I am excited by the possibilities of incorporating digital assets into the American financial system. I’ve been encouraged to see almost universal agreement from regulators, politicians and the digital asset industry that it’s time to bring digital assets into the regulatory perimeter. After last summer’s digital asset debate during consideration of the infrastructure bill, I believe it’s time to have a holistic conversation about how we want to bring in digital assets.I partnered with Senator Kirsten Gillibrand to introduce the Responsible Financial Innovation Act as an opening salvo in our federal discussion about digital assets. It’s a holistic way to retain American financial leadership while safely incorporating innovation into our financial system.Related: GameFi developers could face big fines under Lummis-Gillibrand — and hard timeAs I see it, a handful of key things must be addressed to accomplish this goal. If we can come together to address these issues, we would give American innovators the regulatory certainty they need to keep driving our financial revolution while also protecting consumers from bad actors.It starts with definitions. We set out generally applicable definitions for the digital asset industry and for regulators to understand and use. Before the introduction of the Lummis-Gillibrand Digital Asset Framework, these definitions did not exist in federal law. Innovators will know which laws they must follow, and regulators will have the guidance to treat different assets appropriately.Clear definitions would remove unnecessary restrictions and nonsensical regulations, like those blocking people from investing in Bitcoin (BTC) and other digital assets for their retirement or those requiring digital asset miners and others from being forced to provide the IRS with user information they don’t have.It is the duty of Congress to give authority to federal agencies. The Lummis-Gillibrand Digital Asset Framework allows the Securities and Exchange Commission to decide when a digital asset is a security like a stock or a commodity like gold. Meanwhile, the Commodity Futures Trading Commission will be allowed to regulate the spot market.But this isn’t just about innovators. Congress must protect consumers, and Lummis-Gillibrand does just that. We must require innovators to provide potential customers with the information they need to make sound investment decisions. We must also give regulators the ability to punish scammers. Our plan protects consumers without stifling innovation.Related: GitHub users respond to Gillibrand-Lummis bill with ‘Bitcoin bill’ ideaWe also recognize that discussions of stablecoins and central bank digital currencies are ongoing. The Responsible Financial Innovation Act does not provide for a central bank digital currency but addresses the issue of stablecoins. Banks should be able to issue stablecoins, and Congress must follow Wyoming’s example and require that these be 100% reserved. This policy works in the Cowboy State, and we should bring that protection to the federal level.The Lummis-Gillibrand Digital Asset Framework would do all of these things. While we are only at the beginning of our congressional conversation about digital assets, I believe our bill will provide Congress with an appropriate next step as we move from theoretical to actual digital asset legislation. Ultimately, we must act. Doing so will help cement American financial leadership for years to come.Sen. Cynthia Lummis is a Republican first elected to the United States Senate from Wyoming in 2020. She served previously as its U.S. representative from 2009–17 and as its state treasurer from 1999–2007.This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts, and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
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Lummis-Gillibrand crypto bill likely deferred to next year
The major bipartisan crypto bill led by U.S. Senators Cynthia Lummis (Republican) and Kirsten Gillibrand (Democrat) will most likely be deferred to next year according to the duo. Speaking during Bloomberg’s Crypto Summit on July 19, the Senators stated that there is a slim chance that the comprehensive bill would be pushed through the Senate this year, with Lummis noting that: “I think both Kirsten and I believe that the bill, in one piece, as a total bill is more likely to be deferred until next year. It’s a big topic, it’s comprehensive, and it’s still new to many U.S. Senators and so it’s a lot for them to digest in the few remaining weeks we have in this calendar year.” The Responsible Financial Innovation Act was introduced in the U.S. Senate on June 6 and aims to address the role of the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) when it comes to crypto regulation, along with stablecoin regulation, banking, tax treatment of digital assets and interagency coordination. The pair however noted that there may be specific areas of their bill that could make it through this year via other legislation, with Gillibrand highlighting that fellow Democrat Senator Debbie Stabenow and Republican ranking member John Boozman are working on a bill proposing the CFTC as the key regulator for crypto.The bill rolls in certain parts from the Lummis/Gillibrand legislation in relation to most digital assets being classified as commodities, and therefore falling under CFTC jurisdiction.Lummis also noted that the part of their bill focused on the regulation of stablecoins issued by financial institutions could also be rolled into another bill from the banking committee and voted on this year. The senators noted that they have seen a relatively positive response to the bill from both sides of the political spectrum.“There seems to be some serious common ground forming, and just as Senator Lummis said, the two committees that have the most focused Senators on this topic are banking and agg [agriculture],” Gillibrand said, adding that there’s also been some focus from the finance committee as “Senator Wyden and his committee wrote a good part of the tax provisions in our bill.” Related: CFTC labels 34 crypto and forex firms as unregistered foreign entitiesWhile the duo accept that their comprehensive crypto bill will take time to get the proper attention before it gets voted on next year, Gillibrand emphasized that fellow Senators, regulators and lawmakers are beginning to realize the urgent need to at least get consumer protections in place: “There’s additional interest now, because they’ve seen that this is something important to do, that consumers are not being protected today, there’s no oversight or accountability, and there’s no rules of the road.”“So there’s more urgency now, and also more of a sense that this is something we need to do,” she added. The comments were made in reference to the recent bankruptcy proceedings from crypto lending firms such as Celsius and Voyager in which users have been put at severe risk of losing their deposited assets on those platforms.Lummis also pointed to the $40 billion Terra ecosystem collapse in May, and the risky nature of algorithmic stablecoins which require further oversight.
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Gillibrand and Lummis state that most altcoins are securities
Senators Kirsten Gillibrand and Cyntia Lummis believe that most altcoins would likely be considered securities under their proposed new legislation — but confirmed that Bitcoin (BTC) and Ether (ETH) will be classified as commodities. Lummis and Gillibrand both agreed with Securities and Exchange Commision Chair Gary Gensler’s assessment that most cryptocurrencies are securities under the Howey test with Gillibrand stating:“Most cryptocurrencies go to the SEC […] Bitcoin and Ether would be certainly commodities, and that’s agreed upon. That’s agreed with Chairman Gensler as well as the chairman of the CFTC.”Gillibrand pushed back on reports characterizing the legislation as making the CFTC the primary regulator. “I don’t think CFTC is the primary regulator,” she said. “They just have the obligation to regulate Bitcoin and Ether, the majority of cryptocurrencies today.”The pair made the comments during a Washington Post event on June 8, a day after releasing the details of the Responsible Financial Innovation Act..@SenLummis tells @ToryNewmyer, “The CFTC, although it will have the lion share by market cap, the majority of the digital assets…have characteristics of securities that will require the SEC’s disclosure capabilities….The SEC’s role in this is absolutely critical.” pic.twitter.com/1B0wnQQ62p— Washington Post Live (@PostLive) June 8, 2022Rostin Behnam, chair of the Commodity Futures Trading Commission (CTFC), was also at the event and took a slightly different view on the proportion of altcoins that are securities. He said that while there are “probably hundreds” of coins that replicate security coins, there are also many commodity coins, such as Bitcoin (BTC) and Ether that should be regulated by the CFTC.“It’s pretty clear that many of the digital assets themselves replicate or look like commodities. They’re more like stores of value than they are securities.”Tony Tuths, head of the digital assets team at KPMG Tax, told Cointelegraph that the legislation, under its current form is unlikely to “move forward” in the foreseeable future, adding it was unclear which coins will ultimately fall within the purview of the SEC versus the CTFC.“On the regulatory side the legislation calls for the CFTC to be the primary regulator but then carves out a wide swath of tokens that have attributes similar to securities for regulation by the SEC. It will be a struggle to decipher what exactly is in the SEC bucket but it could be the exception that swallows the rule. “Related: Class action suit against Coinbase alleges unregulated securities salesThe new bipartisan bill is expected to lean heavily on the Howey Test to determine whether a particular coin is classed as a security or a commodity. “We’re trying to just fit the digital asset world into our current regulatory framework. […] We spent a lot of time on the definition of the modern Howey test,” said Senator Lummis during a CNBC interview on June 7.The Howey Test is a framework set by the U.S. Supreme Court to determine whether a transaction qualifies as an investment contract, and thus considered security. The Howey Test has become a focal point in the SEC’s case against Ripple which began in December 2020, alleging that the company used its digital token XRP to raise funds in 2013, and was an unregistered security token at the time.
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US lawmaker planning to introduce comprehensive crypto bill in 2022: report
Wyoming Senator Cynthia Lummis, one of the United States lawmakers behind many pro-crypto pieces of legislation, is planning to introduce a comprehensive bill next year to handle digital assets. In a Thursday report, Bloomberg said Lummis’ proposed bill aimed to provide regulatory clarity on stablecoins, guide regulators as to which cryptos belong to different asset classes, and offer consumer protections. In addition, the U.S. senator reportedly proposed creating an organization under the joint jurisdiction of the Securities and Exchange Commission and Commodity Futures Trading Commission to oversee the crypto market. On Twitter, Lummis called for U.S. voters to reach out to their respective senators to support the bill, saying she was looking for bipartisan cosponsors. The Wyoming senator — despite being a staunch conservative who voted against a commission to investigate the Jan. 6 attack at the U.S. Capitol and not to impeach the former president — has previously worked with Democrats Mark Warner and Kyrsten Sinema to attempt to “fix” the definition of broker in the infrastructure bill signed into law in November.Any legislation put forth in the Senate would likely require the support of at least 60 lawmakers to be put to a vote. At the moment, Democrats control 50 out of the 100 seats in the Senate, with Vice President Kamala Harris able to act as a tiebreaker if needed.Related: Lines in the sand: US Congress is bringing partisan politics to cryptoA pro-Bitcoin advocate before she was elected to the Senate, Lummis has declared she purchased Bitcoin (BTC) worth between $50,001 and $100,000 as part of the Stop Trading on Congressional Knowledge Act. Other congressional members reporting investments with exposure to crypto include Illinois Representative Marie Newman, Texas Representative Michael McCaul, Pennsylvania Representative Pat Toomey, Alabama Representative Barry Moore, New Jersey Representative Jefferson Van Drew, and Florida Representative Michael Waltz.On the other side of the hill, progressive lawmaker Alexandria Ocasio-Cortez recently spoke out on social media, saying it was inappropriate for her to hold BTC or other digital assets. The Democratic House member argued that because lawmakers have access to “sensitive information and upcoming policy”, such investments could affect their impartiality.
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Lummis says Fed is 'violating the law' with Wyoming blockchain bank delays
Republican senator for Wyoming Cynthia Lummis has argued that the Federal Reserve is “violating the law” by delaying the processing of applications from crypto-native banks to receive accounts at the central bank.In a Nov. 30 op-ed for the Wall Street Journal, Lummis claimed that the Fed was treating the Special Purpose Depository Institutions (SPDIs), also known as ‘blockchain banks’, in her home state unfairly. She called on her Republican colleagues to withhold support for Fed chair Jay Powell who was reappointed by President Biden on Nov. 23.In Feb. 2019, Wyoming state legislature approved SPDIs to serve businesses unable to secure banking services from the Federal Deposit Insurance Corporation (FDIC) due to their dealings with crypto. In 2020, two Wyoming SPDIs Kraken and Avanti received their bank charters. Shortly after, they applied for master accounts with the Federal Reserve Bank of Kansas City. Their applications are yet to be approved. The state has been in discussions whether SPDIs should be considered banks under federal law. In the article, Lummis claimed that SPDIs should, “without a doubt,” be considered banks under federal law and that “Wyoming checked every box.” She added that SPDIs meet the standard set by Congress in the Federal Reserve Act for what constitutes a bank. She said that “in fact the Fed is violating the law by delaying” issuing the SPDIs approval, citing federal courts which have stated that the Fed “has a duty to give payment system access to all banks and credit unions conducting legal activities.”Related: ‘Thank God for Bitcoin,’ Cynthia Lummis says on US debt limit raiseOn Oct. 7, Lummis filed documents revealing that she had purchased an unknown amount of Bitcoin (BTC) on Aug. 16 worth somewhere between $50,001 and $100,000. Lummis made the purchase less than two weeks after she and other senators attempted to gain support for a pro-crypto amendment into President Joe Biden’s infrastructure bill.
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