Sens. Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.) are preparing to reintroduce their Responsible Financial Innovation Act, an updated version of their crypto legislation. The bill aims to address critical aspects of crypto regulation, including market structure, stablecoin oversight, and taxes.
Lummis and Gillibrand’s comprehensive proposal is regarded as the most extensive among current legislative efforts. Despite setbacks in the past, the senators remain committed to pushing their bill forward.
The Senate’s slow progress on crypto legislation poses challenges, with the need for bills to be attached to larger legislative efforts for passage. However, Lummis’s prominent role in the Senate Banking Committee places her at the forefront of crypto conversations.
The updated bill focuses on consumer protection and mandatory registration requirements for crypto projects. The outcome remains uncertain for Senate critics of crypto, but the reintroduction puts the senators back in the center of the negotiations and reengages the Senate in the discussion surrounding digital asset regulation.