After months of teasing an updated version of their ambitious crypto legislation, Senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.) are set to reintroduce their Responsible Financial Innovation Act next Wednesday, as Congress continues to debate the future of digital asset regulation.
While legislative efforts progressed in both the House and Senate last year, any chance of passage stalled with November’s collapse of FTX, especially given founder Sam Bankman-Fried’s prominent presence in D.C. While different bills have surfaced during the current legislative session, Lummis and Gillibrand’s proposed act will be the most extensive, addressing key questions such as market structure, stablecoin oversight, and taxes.
