Senators introduce bipartisan comprehensive bill to regulate cryptocurrencies
The most comprehensive crypto bill to date is being introduced by a bipartisan pair of senators looking to set a clear regulatory structure for digital assets.
WASHINGTON — The most comprehensive cryptocurrency legislation to date is being introduced Tuesday by a bipartisan pair of senators looking to establish a clear federal regulatory structure for digital assets.
Sens. Cynthia Lummis, R-Wyo., and Kirsten Gillibrand, D-N.Y. — authors of the Responsible Financial Innovation Act — say their goal is to make consumers more comfortable with a growing industry that is still foreign to many Americans.
“One of the problems is that nothing is properly defined,” Lummis, a fervent cryptocurrency supporter on Capitol Hill who owns bitcoin, said in an interview. “Our bill seeks to change that so more people become comfortable and can benefit from cryptocurrency.”
Lawmakers raise concerns about pro-crypto political donationsMay 2, 202203:19Key provisions in the legislation would, for the first time, define the blockchain and digital asset industries and designate the Commodity Futures Trading Commission as the regulatory agency with spot market jurisdiction over all fungible digital assets that are not securities.
The Commodity Futures Trading Commission and the Securities and Exchange Commission have clashed in recent years over which agency should regulate cryptocurrencies and digital assets.
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