Unpacking The “Lummis-Gillibrand Responsible Financial Innovation Act”
A line-by-line analysis and critique of the recently proposed bill to regulate “digital assets.” To say it’s misguided is an understatement.This is an opinion editorial by Beautyon, the CEO of Azteco.In this post, I parse the above-named act, pointing out the glaring flaws and errors in it. It should be clear to any American that this bill is an abomination and that it should not pass into law. If it does, it will be challenged in the Supreme Court, struck down, removed with prejudice and the scathing chastisement it deserves.The idea that there can be “responsible innovation” is absurd on....
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Senators Cynthia Lummis and Kirsten Gillibrand will introduce the Responsible Financial Innovation Act for regulatory clarity for bitcoin and cryptocurrencies.
“Most cryptocurrencies go to the SEC [...] Bitcoin and Ether would be certainly commodities, and that's agreed upon,” said the U.S. Senator from New York Kirsten Gillibrand. Senators Kirsten Gillibrand and Cyntia Lummis believe that most altcoins would likely be considered securities under their proposed new legislation — but confirmed that Bitcoin (BTC) and Ether (ETH) will be classified as commodities. Lummis and Gillibrand both agreed with Securities and Exchange Commision Chair Gary Gensler’s assessment that most cryptocurrencies are securities under the Howey test with Gillibrand....
The senators introduced new approaches to familiar questions concerning digital assets and decide how to divide regulatory responsibilities. It was first reported before Christmas that Wyoming Senator Cynthia Lummis planned to introduce a comprehensive crypto regulation bill. The Republican Lummis was already known for her pro-crypto stance and announced right away that she was looking for a Democratic co-sponsor. New York Senator Kirsten Gillibrand, who had not previously been known to have a strong position on cryptocurrency, was named as the co-sponsor in March. The highly awaited....
Senator Cynthia Lummis said that non-crypto-versed Senators will need some time to understand and digest the proposals. The major bipartisan crypto bill led by U.S. Senators Cynthia Lummis (Republican) and Kirsten Gillibrand (Democrat) will most likely be deferred to next year according to the duo. Speaking during Bloomberg’s Crypto Summit on July 19, the Senators stated that there is a slim chance that the comprehensive bill would be pushed through the Senate this year, with Lummis noting that: “I think both Kirsten and I believe that the bill, in one piece, as a total bill is more likely....
The senators seek comments from industry stakeholders, consumers and interested parties. Now every interested user has a chance to leave their mark on a crypto bill that could define the industry guidelines in the United States in the near future, the Responsible Financial Innovation Act (RFIA). The document was uploaded on GitHub, a platform populated by software and product experts, by its co-sponsors to get public feedback. On Wednesday, June 22, Senators Cynthia Lummis and Kirsten Gillibrand uploaded the full content of their Responsible Financial Innovation Act on GitHub. As Lummis’....