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Lummis-Gillibrand bill establishes SEC-CFTC balance of power over crypto markets -Breaking

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Lummis/Gillibrand bill creates SEC-CFTC balanced of power over cryptocurrency markets

On Tuesday, the long-awaited Responsible Financial Innovation Act was presented in the United States Senate to establish a framework of regulation for digital assets. Official text of the document’s 69 pages was also available. 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,” As perA statement was made. 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.”