Bipartisan Crypto Plan Would Create Oversight Body for Fintech

Source: American Banker

Sen. Cynthia Lummis, R-Wyo., wants to create a new oversight body for emerging financial technologies that do not fall under the jurisdiction of existing regulators.

Speaking to the economist Paul Kupiec during a webinar for the American Enterprise Institute, Lummis said the new supervisory entity would be part of a broad-ranging bill on digital assets that she has co-authored with Sen. Kirsten Gillibrand, D-N.Y. 

“There will be sort of this oversight entity that will be created to look at new technologies that don't neatly fit within a certain regulatory framework that already exists, so we can continue to incorporate innovation in this space into our well understood regulatory framework,” Lummis said.

A final draft of the bipartisan bill, which was announced in March, will be released next week for a month-long public comment period before it is introduced in the Senate. Lummis said she and Gillibrand are opting to bring the bill to the public first in an effort to make it as encompassing as possible.