Responsible Financial Innovation Act: Democrat Senator Urges Bipartisan Support for Crypto Regulations

Democratic Senator Kirsten Gillibrand and Republican Senator Cynthia Lummis are pushing for the Responsible Financial Innovation Act of 2023, aiming to regulate digital assets and classify most cryptocurrencies as commodities.

Posted 8 months ago in Blockchain


A Democratic Senator and a Republican Senator collaborating on crypto regulations.

Democratic Senator Kirsten Gillibrand and Republican Senator Cynthia Lummis are pushing for the Responsible Financial Innovation Act of 2023, aiming to regulate digital assets and classify most cryptocurrencies as commodities.

Gillibrand remains steadfast in her commitment to advancing crypto legislation. Speaking at the Mainnet conference, Gillibrand emphasized the importance of bipartisan support, stating, “I don’t think it has to be a partisan issue. I’m optimistic that through conversation, and through socialization of the ideas that are in our bill, it will become more bipartisan.”

Gillibrand is dedicated to the crypto cause, engaging in a persistent dialogue with Senate Banking Committee Chair Sherrod Brown. She aims for markups by the spring and a vote on the bill by the end of this Congress.

The Lummis-Gillibrand Act is a response to the regulatory ambiguity surrounding the crypto industry. It provides a clear regulatory framework, placing most cryptos under the CFTC’s purview and mandating crypto exchanges to hold customer assets securely. Senator Lummis emphasized the significance of the bill, stating, “This legislation is the most comprehensive proposal to date that provides robust consumer protections and appropriately addresses the current landscape surrounding crypto assets.”

Gillibrand’s efforts signify a crucial step toward integrating digital assets into the mainstream financial system.

Last updated 9/26/2023, 11:53:36 AM

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