"The work we're doing is going to be a very complex and intensive review of the different aspects of this industry," said one of the senators.

US Senators to Introduce Comprehensive Framework to Regulate Crypto Industry
U.S. Senators Kirsten Gillibrand (D-N.Y.) and Cynthia Lummis (R-Wyo.) are working together on "a broad-based regulatory framework" for how the crypto industry should be regulated, they explained Thursday at a Politico Live event.

Senator Gillibrand described:

The work we're doing is going to be a very complex and intensive review of the different aspects of this industry.

"Some will be regulated under the CFTC [Commodity Futures Trading Commission], some parts will be regulated under the SEC [Securities and Exchange Commission], some we will need to look at more broadly and we intend to have a regulatory commission that can look at these issues of first impression and make judgments and guidance," she added.

The two senators are talking to stakeholders, regulators, and industry experts "so that all voices are part of this legislative process," Gillibrand stressed.