Lummis-Gillibrand Bill Establishes SEC-CFTC Balance of Power Over Crypto Markets According to Cointelegraph

The long-awaited Responsible Financial Innovation Act to create a regulatory framework for digital assets was introduced in the US Senate on Tuesday. The official text of the 69-page document is fine too release.

The bipartisan bill, sponsored by Senators Cynthia Lummis of Wyoming and Kirsten Gillibrand of New York, “addresses CFTC and SEC jurisdiction, stablecoin regulation, banking, tax treatment of assets digital assets and interdisciplinary coordination,” follow for a statement. The statement continued, “Understanding that most digital assets are more like commodities than securities, the bill grants the CFTC explicit authority over the prevailing digital asset spot markets.”