Capitol Hill to Make First Attempt at Regulating Cryptocurrency

  • Sens. Cynthia Lummis and Kirsten Gillibrand introduced legislation Tuesday to create a regulatory framework for the crypto markets.
  • The Lummis-Gillibrand bill would classify the vast majority of digital assets as commodities.
  • The Responsible Financial Innovation Act would empower the Commodity Futures Trading Commission to regulate most of the industry.

Sens. Kirsten Gillibrand and Cynthia Lummis introduced the first major bipartisan legislation aimed at taming the “Wild West” crypto market on Tuesday that would classify digital assets as commodities like wheat or oil and empower the Commodity Futures Trading Commission to rein in the nascent industry.

Gillibrand, a Democrat from New York who sits on the Senate Agriculture Committee, and Lummis, a first-term Republican from Wyoming on the Banking Committee, said the Responsible Financial Innovation Act is the culmination of months of collaboration in the House and Senate and represents a critical first attempt to structure the markets for digital assets with long-awaited legal definitions.

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