37% of voters consider candidates’ crypto positions, according to a survey

Senators Debbie Stabenow, D-Mich., and John Boozman, R-Ark., have presented the Digital Commodities Consumer Protection Act, which would define bitcoin and ether as commodities. As a result, the two largest cryptocurrencies would fall under the jurisdiction of the Commodity and Futures Trading Commission (CFTC).

Another bill, the Responsible Financial Innovation Act, introduced by Senators Cynthia Lummis, R-Wyo., and Kirsten Gillibrand, D-N.Y., would go even further, granting the CFTC jurisdiction over most crypto tokens while advocating for increased oversight of stablecoins.

Bipartisan stablecoin regulation is unlikely to pass this year. Industry participants said the Biden administration’s crypto framework, unveiled in September, lacked details, even as the president called for more research into a potential digital currency.

The regulatory study comes as Grayscale is embroiled in a legal battle with the SEC. After the SEC declined its application to turn its flagship Grayscale Bitcoin Trust (GBTC) into an ETF, the business filed a lawsuit.

Grayscale’s initial brief was submitted earlier this month. Amicus papers in support of Grayscale were filed about a week later by the US Chamber of Commerce, the Blockchain Association, and Coinbase. On November 9, the SEC is expected to file its own brief.

A separate poll commissioned by GMI PAC last month indicated that 44% of voters own or are contemplating owning digital assets. According to the poll, 17% already hold cryptocurrency.