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››Senators propose long-awaited overhaul of crypto regulations

Senators propose long-awaited overhaul of crypto regulations

By Trishia Swift
June 7, 2022
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By Tom Zanki (June 7, 2022, 5:22 p.m. EDT) – A bipartisan duo of U.S. senators on Tuesday unveiled legislation aimed at clarifying the regulation of cryptocurrencies, introducing a far-reaching proposal that would define most digital assets as commodities and issue rules governing stablecoins.

The Responsible Financial Innovation Act, co-sponsored by Sens. Cynthia Lummis, R-Wyo., and Kirsten Gillibrand, DN.Y., would establish federal government recognition of the burgeoning but often volatile cryptocurrency industry if it becomes law.

The long-awaited proposal comes as digital asset market players have been pushing for clearer rules as the industry has taken off, leaving it up to policymakers to determine which consumer and investor protections should apply…

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