Senators Cynthia Lummis and Kirsten Gillibrand's crypto regulation bill has finally arrived, but does it live up to expectations? The industry responds.
. The Republican Lummis was already known for her pro-crypto stance and announced right away that she was looking for a Democratic co-sponsor. New York Senator Kirsten Gillibrand, who had not previously been known to have a strong position on cryptocurrency, was. The highly awaited Responsible Financial Innovation Act was introduced in the United States Senate on June 7.
Lummis and Gillibrand are well suited for the task. Lummis is a member of the Senate Banking Committee, which oversees the Securities and Exchange Commission , a main player in the drama. Gillibrand is a member of the Senate Agriculture Committee, which oversees the Commodity Futures Trading Commission — another cast member.on a Washington Post livestream on June 8. “They just have the obligation to regulate Bitcoin and Ether, the majority of cryptocurrencies today.
The innovation in the RFIA comes from an extrapolation of the Howey Test. Lilya Tessler, head of the Sidley law firm’s fintech and blockchain group, told Cointelegraph:
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