US Senators Reintroduce Crypto Bill Seeking Comprehensive Regulation
The Responsible Financial Innovation Act will establish safeguards "to prevent another FTX-like event from occurring" at the aftermath of the stock market crash and bankruptcies of 2022.
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The senses. Cynthia Lummis and Kirsten Gillibrand of the United States will reintroduce legislation to establish a comprehensive regulatory framework for digital assets.
U.S. lawmakers have announced they will reintroduce the Responsible Financial Innovation Act in the Senate on July 12, after about a year of tabling in the previous session of Congress. The bipartisan bill – Lummis is a Republican and Gillibrand is a Democrat – sought to clarify the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission in regulating digital assets, as well as providing protection consumers.
The crypto asset industry is here to stay.
Today, @SenGillibrand and I are reintroducing landmark legislation to create a federal regulatory framework that allows crypto businesses and investors to thrive here in America while protecting consumers from bad actors. pic.twitter.com/z2pr0evWt2
— Senator Cynthia Lummis (@SenLummis) July 12, 2023The Lummis-Gillibrand bill was first introduced in June 2022 amid the crypto market crash that led to the bankruptcy of several prominent companies and the crash in price of many tokens. According to the fact sheet provided by Lummis, the updated legislation will include updates to the U.S. tax code allowing industry "to fund its own oversight," as well as safeguards "to prevent another FTX-like event from happening" - the crypto exchange collapsed in November 2022 after the bill was introduced.
Lummis and Gillibrand's bill was drafted after the collapse of Terraform Labs, the South Korea-based company that saw its algorithmic stable...
The Responsible Financial Innovation Act will establish safeguards "to prevent another FTX-like event from occurring" at the aftermath of the stock market crash and bankruptcies of 2022.
News
Join us on social networks
The senses. Cynthia Lummis and Kirsten Gillibrand of the United States will reintroduce legislation to establish a comprehensive regulatory framework for digital assets.
U.S. lawmakers have announced they will reintroduce the Responsible Financial Innovation Act in the Senate on July 12, after about a year of tabling in the previous session of Congress. The bipartisan bill – Lummis is a Republican and Gillibrand is a Democrat – sought to clarify the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission in regulating digital assets, as well as providing protection consumers.
The crypto asset industry is here to stay.
Today, @SenGillibrand and I are reintroducing landmark legislation to create a federal regulatory framework that allows crypto businesses and investors to thrive here in America while protecting consumers from bad actors. pic.twitter.com/z2pr0evWt2
— Senator Cynthia Lummis (@SenLummis) July 12, 2023The Lummis-Gillibrand bill was first introduced in June 2022 amid the crypto market crash that led to the bankruptcy of several prominent companies and the crash in price of many tokens. According to the fact sheet provided by Lummis, the updated legislation will include updates to the U.S. tax code allowing industry "to fund its own oversight," as well as safeguards "to prevent another FTX-like event from happening" - the crypto exchange collapsed in November 2022 after the bill was introduced.
Lummis and Gillibrand's bill was drafted after the collapse of Terraform Labs, the South Korea-based company that saw its algorithmic stable...
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