A Second Round of the Lummis-Gillibrand Crypto Bill Elevates CFTC, Defines DeFi

About a month ago, the senators met with Lael Brainard, director of the White House’s National Economic Council and a former Federal Reserve governor who oversaw its research into central bank digital currency (CBDC), going over the details of the legislation for about an hour, said people familiar with the effort behind the new bill. The lawmakers’ staffs have also had regular contact with the relevant financial agencies, the people said. They said this bill was designed to find a middle road between the parties, and many of its provisions were drawn directly from proposals from other lawmakers, such as Sen. Elizabeth Warren (D-Mass.), a dedicated crypto critic.