Lawmakers in the United States have moved forward in their attempt to establish a regulatory framework for cryptocurrencies through a bipartisan bill.
- Senators Kirsten Gillibrand and Cynthia Lummis on Tuesday said their bill — Responsible Financial Innovation Act — is ready for debut, marking the first major attempt from Capitol Hill for a regulatory framework on digital assets.
- Dubbed the Responsible Financial Innovation Act, the measure would entail a regulatory overhaul that would classify most digital assets as commodities.
- The measure would place cryptocurrencies under the purview of the Commodity Futures Trading Commission rather than the Securities and Exchange Commission, as expected by some.
After months of cooperation in the House and the Senate, the proposed law comes touted as a “landmark” bipartisan bill that will boost financial innovation and consumer protection.
BTC is down 6.01%, ETH down 8.32%, and ADA down 6.17%.