The only way either bill would pass this year is if a catastrophic black swan event, like a major U.S. Ironically, Senator Lummis’ staffer gives both bills a less than 50% chance of being passed this year. Senator Lummis herself co-sponsored with Senator Kirsten Gillibrand (D-NY), the Responsible Financial Innovation Act, a bipartisan legislative proposal for the regulation of digital assets that is even more comprehensive in scope. Senators Debbie Stabenow (D-MI), Chairwoman of the Senate Committee on Agriculture, Nutrition, and Forestry, and ranking member John Boozman (R-AR), introduced the Digital Commodities Consumer Protection Act of 2022 to give the CFTC new powers to regulate digital commodities. Perhaps self-servingly, the source described the conversations between the SEC and CFTC as not particularly fruitful, arguing that the final decision about who gets what authority will likely fall in law-makers’ hands. It’s of note that while ethereum itself wasn’t included in the list of nine assets the SEC said was a security in its insider trading allegations against former Coinbase employee, his brother and his friend, the SEC specifically mentioned each of the assets were created on the ethereum blockchain. Evidence that the situation might be changing started to emerge in June when Gary Gensler, the SEC chairman, implied that ethereum was a security when he said bitcoin was the only cryptoasset he was comfortable calling a commodity.
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