On June 7, 2022, Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) unveiled their long-awaited bipartisan framework to overhaul the regulation of cryptocurrencies and digital assets. The “Responsible Financial Innovation Act,” seeks to provide certainty and clarity to the digital asset and blockchain industries, along with the agencies governing these industries. The proposed legislation, which has been in development since March 2022, would define most digital assets, including bitcoin and ether, as commodities, enact rules governing stablecoins, and provide the CFTC with exclusive jurisdiction over digital asset spot markets.
Authored by Gaurav K. Talwar, Attorney at Law, McGonigle – Originally published in blockchainlawcenter.com