According to U.S. Senator Bristen Gillibrand, a new bipartisan password bill pioneered by her and Congressman Cynthia Loomis will be delayed and submitted to the new U.S. Congress in 2022.

At a hearing on March 8th by the House of Lords Agriculture Committee on Commodity Futures Trading Federation regulation, Senator Gillibrand learned about the views of Livingston Benhamou, the current chairman of the CFTC, on his previous password bill, which was drafted with Senator Lummis to establish a regulatory framework for the password field. The latter part of the bill will be released in mid-late April, according to Gillibrand.

Our own ambition is to make sure there is a place for a national conversation about the overall way digital money works, says Mr Gillibrand. "in order to ensure that digital currencies with securities attributes are regulated by the SEC, assets with [incomprehensible] commodities are subject to CFTC regulation, and relatively stable project investments are subject to OCC regulation, to ensure that the entire market is subject to tax requirements."

Benhamou said that in the latest password bill bill, Gillibrand and Loomis "carefully and carefully considered all components of the sales market," with particular reference to potential concerns about smooth passwords and network information security. After the implementation of the Lummis-Gillibrand Act in March 2022, the cryptographic field has undergone an important transformation, including FTX, Voyager Digital, BlockFi, Terra and other enterprises have gone bankrupt.

The current chairman of CFTC added:

"I think, taking fully into account what you have experienced and seen on FTX, the significant property sharing, the equity premium for the transfer of customer benefits, and ensuring very careful protection against this contradiction, I think, taking full account of network information security, dealer risk and third-party service providers, you may need to clearly point out different situations in many aspects at the digital currency level."

Although the data encryption bill is still a bipartisan collaboration between Democratic Party Giulibrand and Democratic Party Loomis, it is not clear whether the new U.S. Congress will push for the law. Lummis said in July that for most lawmakers, the bill "has a lot to digest." If both houses of Congress can pass and sign into laws and regulations, the law is likely to provide some regulatory picture quality in many cryptographic projects, including what property will belong to the jurisdiction of SEC and CFTC.