Bipartisan crypto bill will be introduced as soon as next week

05/24 23:52

Senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-NY) took the stage Tuesday at the DC Blockchain Summit to discuss details of their highly anticipated bipartisan cryptocurrency bill, which they said will be introduced as soon as next week. The Responsible Financial Innovation Act, which has been in the works for over a year, is going to be the first comprehensive digital assets framework to make it to Capitol Hill, Gillibrand said. “Our bill does include some of the [same] provisions as some of the other House and Senate bills, but no other bill endeavors to create a regulatory framework for the whole industry,” Gillibrand said. Highlights of the bill include provisions that protect miners from being treated as brokers, which tackles a controversial section of the recently-passed Infrastructure Bill. It also grants the Commodity and Futures Trading Commission (CFTC) regulatory authority over much of the space and clarifies that cryptocurrencies are not securities unless they are being offered to fund a company, such as an initial coin offering. “It’s pretty clear that bitcoin is a commodity,” Lummis said.

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