United States Senator from New York Kirsten Gillibrand is reportedly teaming up with Senator Cynthia Lummis to collaborate on a crypto-centric broad-based regulatory framework. 

Specifically, per details provided by Gillibrand, the pair are reportedly spending extensive efforts in going through “a very complex and intensive review” regarding the many aspects of the sector, working towards the roll-out of a future regulatory task-sharing. 

The framework reportedly aims to have the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) get their share of a regulatory mandate.

“Many of the goals that Sen. Lummis and I have are identical — we want to address things like safety and soundness. We want to address consumer protection, we want to address certainty for markets.” Gillibrand additionally remarked regarding the driving force of the pair’s action. 

Senator Lummis has reportedly been a public figure, well known for her pro crypto stance and and a supporter for financial innovation, while until recently, Senator Gillibrand has been rather quiet regarding her voicing out the attitude she adopted for digital currencies.

In December last year, Lummis reportedly disclosed details related to the release of a crypto bill, which aims to offer regulatory clarity on stablecoins, offer consumer protection and categorize different digital assets.

Together with the announcement, she further revealed the intention to find bipartisan cosponsors, which, as can be confirmed via this latest development, has gotten Senator Gillibrand onboard.

The bipartisan legislative push reportedly surfaced weeks after the U.S. President Joe Biden inked his signature for his executive order on digital assets, directing a number of federal agencies to produce a series of reports on digital assets.