Here's What US Senators Put in New Crypto-Friendly Bill
In a bipartisan effort to pave the way for more crypto-friendly regulations in the US, Wyoming Republican Senator Cynthia Lummis and Democratic senator representing the state of New York, Kirsten Gillibrand, are set to introduce a new draft bill today, dubbed the 'Responsible Financial Innovation Act'.
The bill, also known as 'Lummis-Gillibrand', makes “a clear distinction between digital assets that are commodities or securities,” providing “digital asset companies [with] the ability to determine what their regulatory obligations will be,” according to the legislative proposal’s summary.
Under the plan, the legislation is to delegate oversight of the most popular cryptoassets to the Commodity Futures Trading Commission (CFTC). This would leave the powerful Securities and Exchange Commission (SEC) on the sidelines of the crypto regulatory framework.
"Digital assets that meet the definition of a commodity, such as bitcoin and ether, which comprise more than half of digital asset market capitalization, will be regulated by the CFTC," said the announcement.
Per the section-by-section overview, among other things, Lummis-Gillibrand Responsible Financial Innovation Act:
“As a former state treasurer, I am excited by the possibilities of incorporating digital assets into the American financial system. The legislation that [Kirsten Gillibrand] and I are proposing will do just that,” Lummis tweeted on Monday.
On May 27, Gillibrand tweeted that she was "working diligently" with Gillibrand to finalize the bill text of their "comprehensive digital asset legislation," stating: "Any language circulating online is an incredibly outdated version from March 1. Stay tuned for our release of the actual bill on June 7th!"
Lummis is quoted in
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