Lummis-Gillibrand bill establishes SEC-CFTC balance of power over crypto markets
Cointelegraph
Published Jun 07, 2022 04:15PM ET
Updated Jun 08, 2022 06:00PM ET
The long-awaited Responsible Financial Innovation Act to create a regulatory framework for digital assets was introduced in the United States Senate on Tuesday. The official text of the 69-page document was also released.
The bipartisan bill, sponsored by Senators Cynthia Lummis of Wyoming and Kirsten Gillibrand of New York, “addresses CFTC and SEC jurisdiction, stablecoin regulation, banking, tax treatment of digital assets, and interagency coordination,” according to a statement. The statement continues, “Understanding that most digital assets are much more similar to commodities than securities, the bill gives the CFTC clear authority over applicable digital asset spot markets.”
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Written By: Cointelegraph
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