US Senators Gillibrand and Lummis Release Cryptocurrency Bill

The much-awaited cryptocurrency bill by US Senators Cynthia Lummis from the Senate Banking Committee and Kirsten Gillibrand from the Senate Agriculture Committee has finally been released. US Crypto Bill Finally Released The proposed bill, titled the Responsible Financial Innovation Act, seeks to encourage innovation in the financial sector, as well as flexibility, transparency, and robust consumer protections while integrating digital assets into existing laws. Today, I’m introducing the Responsible Financial Innovation Act alongside @SenGillibrand. The United States is the global financial leader, and it’s absolutely critical the U.S. plays a leading role in this new frontier. https://t.co/PziuTwn8Wd — Senator Cynthia Lummis (@SenLummis) June 7, 2022 The bill tasks the U.S. Securities and Exchange Commission (SEC) to regulate digital assets classified as securities while the Commodities Futures Trading Commission (CFTC) is charged with overseeing those that receive the commodity stamp. Both the SEC and the CFTC are also directed by the bill to study and report on the creation of a self-regulatory organization (SRO) that could play a complementary role in working with regulators in the crypto space. Under the legislation, a cryptocurrency needs to be classified as a commodity or security depending on “the purpose of the asset and the rights or powers it conveys to the consumer.” For instance, Bitcoin, Ethereum, and other cryp...