Sens. Gillibrand and Lummis introduce bill on cryptocurrency regulation

[GregTheGreat657]

Full Article

Sens. Kirsten Gillibrand (D-N.Y.) and Cynthia Lummis (R-Wyo.) introduced legislation on Tuesday that will create a regulatory framework for digital assets such as cryptocurrency.

The Responsible Financial Innovation Act (RFI) will encourage innovation in the financial sector, as well as flexibility, transparency and robust consumer protections while integrating digital assets into existing laws.

The proposed legislation will also assign regulatory authority over digital asset spot markets to the ​​Commodity Futures Trading Commission (CFTC), which regulates commodities markets, creating a new advisory committee that will focus on developing guideline principles, empowering regulatory agencies and advising lawmakers on fast-developing technology.

The lawmakers also said the RFI bill will create a workable structure for the taxation of digital assets and cryptocurrencies and will provide a regulatory sandbox for state and federal regulators to collaborate on innovative financial technologies among other provisions, according to the statement.

[Damocles]

Yes. One day we'll have an obscure administrative board debating whether someone violated a Byzantine ethics provision in their process of selling a hyperlink to a low-resolution monkey picture.

[Okay, maybe Mike Johnson is a competent parliamentarian.]

Yes. One day we'll have an obscure administrative board debating whether someone violated a Byzantine ethics provision in their process of selling a hyperlink to a low-resolution monkey picture.

Better, as is so often the case, than nothing.

[Sir Mohamed]

This should pass in the end, right? Given the co-sponsors are pretty far apart ideologically.

[Del Tachi]

This is the type of awful bipartisan legislation the Senate exists to pass!

This bill is the result of extensive lobbying by crypto firms to create special exemptions to federal law and avoid existing regulations.  Currently, cyrpto meets the definition of a security and is thus regulated by the SEC.  This gives regulatory authority over to a new board within the CFTC that will have less stringent disclosure requirements. 

Lummis owns up to $250k in Bitcoin according to her 2022 financial records, FWIW

The legislation is unlikely to move in the Senate.  A similar pro-crypto bill has already died in the House this session.  Progressive types are strongly against this.

[Chancellor Tanterterg]

This is the type of awful bipartisan legislation the Senate exists to pass!

This bill is the result of extensive lobbying by crypto firms to create special exemptions to federal law and avoid existing regulations.  Currently, cyrpto meets the definition of a security and is thus regulated by the SEC.  This gives regulatory authority over to a new board within the CFTC that will have less stringent disclosure requirements. 

Lummis owns up to $250k in Bitcoin according to her 2022 financial records, FWIW

The legislation is unlikely to move in the Senate.  A similar pro-crypto bill has already died in the House this session.  Progressive types are strongly against this.

When you’re right, you’re right!

[THG]

This should pass in the end, right? Given the co-sponsors are pretty far apart ideologically.

Eh, a lot of Senators are also pretty anti-crypto. From both parties.

I want to see this up for a vote. Would be far more interesting and idiosyncratic than the usual partisan stuff.   

[South Dakota Democrat]

This should pass in the end, right? Given the co-sponsors are pretty far apart ideologically.

Eh, a lot of Senators are also pretty anti-crypto. From both parties.

I want to see this up for a vote. Would be far more interesting and idiosyncratic than the usual partisan stuff.   

Reminds me of the waiver vote for Austin as Defense Secretary; that was pretty idiosyncratic.