US senators have announced that they are presenting their recommended responsible financial innovation act

US senators have announced that they are presenting their recommended responsible financial innovation act

The US senators Cynthia Lummis and Kirsten Gillibrand have announced that they are presenting their recommended “responsible financial innovation act” in order to direct the discussions about cryptocurrency regulations. The two politicians plan to check their cryptocurrency legislation next week. This step takes place in the middle of the ongoing debate about the regulatory future of cryptocurrencies.

Earlier efforts to introduce cryptocurrency laws were stopped after the crypto tour FTX crashed in November. The founder of FTX, Sam Bankman-Fried, was previously known as a famous guest in Washington, D.C.

The draft law proposed by Lummis and Gillibrand is one of the most comprehensive in relation to the cryptocurrency market. He deals with important questions such as regulating the market, the decline in stable coins and tax questions.

lummis emphasized that your bill offers extensive consumer protection measures and takes into account the current properties of digital resources.

The plan of the two politicians was first presented in June 2022. He focuses on navigating in the complex cryptocurrency market, dealing with difficult questions such as regulating stablecoins and clarifying the regulatory disposal between the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).

It is important to note that this draft law does not include the crypto laws that were presented by the senators John Boozman and Debbie Stabenow in the Senate Agriculture Committee. Instead, Lummis and Gillibrand's draft law refers to different committees and thus brings even more complexity into the discussions.

After a turbulent time for the cryptom market in 2022 without productive regulations, Lummis and Gillibrand have reaffirmed their goal of revising their plan. However, the publication of the draft law was postponed from April to June because the Senate banking committee provided for a priority examination in June - the first since 2019.

ron Hammond from the Blockchain Association believes that Lummis will play an important role in the discussions about cryptor regulations, even though the Senate and especially the Senate Banking Committee, in which cryptoskeptics are also represented, are still a major hurdle.

The reintroduction of the cryptocurrency law makes both politicians leading representatives in this area. Although the revised version of the draft law focuses on consumer protection and registration requirements for cryptocurrency companies, it will probably not convince the critics in the Senate, but it brings the topic back into the slow legislative procedure.

"In the cryptoplanes, time seems to be an incredibly important variable, regardless of whether you are really for crypto or against crypto," commented Hammond.

It remains to be seen how the discussions about cryptor regulations will progress and whether the "responsible financial innovation act" will be successful.