The Lummis-Gillibrand bill amounts to a regulatory overhaul that would classify the vast majority of digital assets as commodities.
Sens. Cynthia Lummis and Kirsten Gillibrand said Tuesday that they are ready to debut the first major attempt from Capitol Hill to create a regulatory framework for crypto.
The Responsible Financial Innovation Act would empower the Commodity Futures Trading Commission to regulate most existing digital assets.As excited as Wall Street and Main Street were to have crypto as a new investment idea and store of value, the speed at which cryptocurrencies entered mainstream U.S. markets caused proportionate angst for U.S. regulators, who were equipped only with decades-old securities laws to police an industry many still refer to as the financial "Wild West.
Their bill, titled the Responsible Financial Innovation Act, amounts to a regulatory overhaul that would classify the vast majority of digital assets as commodities like wheat, oil or steel. As such, the bipartisan legislation would also leave the bulk of the oversight responsibility to the Commodity Futures Trading Commission and not the Securities and Exchange Commission, as some had expected.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Crypto 401(k): Sound financial planning or gambling with the future?Would you stake your retirement on crypto? That could become a reality with 401(k) plans permitting cryptocurrency investment, but is it a sound investment strategy?
Read more »
37% of Survey Participants Want Bitcoin Legalized Inside Their Countries37% of the respondents wish BTC or other crypto assets could serve as an official means of payment in their countries.
Read more »
5 reasons why Bitcoin could be a better long-term investment than goldCrypto advocates often refer to Bitcoin as “digital gold,” but how does BTC stack up against gold as a long-term investment?
Read more »
A Guide to Crypto Collectibles and Non-fungible Tokens (NFTs) | Binance AcademyDid you know that you can trade and collect digital items stored on a blockchain network? Learn more about crypto collectibles at Binance Academy.
Read more »
IRA Financial Trust to sue Gemini over $36M crypto assets exploit back in FebruaryGemini has been sued by IRA Financial Trust on Monday over the $36 million drain in assets last February. Both companies tried to settle the case out of the court less than a month ago.
Read more »