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ARTICLE · 10 JUNE 2022

Landmark Bipartisan Legislation Attempts To Create Long-Awaited Regulatory Framework For Digital Assets

Winston Taylor
Explore more from Winston Taylor

Governments and regulators have struggled to keep pace as new digital asset classes and other blockchain applications have risen to prominence.

United StatesTechnology
Daniel T. Stabile
Daniel T. Stabile
Kimberly A. Prior
Kimberly A. Prior
Gabriela Ana Plasencia
Gabriela Ana Plasencia

Governments and regulators have struggled to keep pace as new digital asset classes and other blockchain applications have risen to prominence. This regulatory uncertainty has caused confusion in the markets and impeded greater adoption of distributed ledger technologies in the United States. However, on June 7, 2022, United States Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) introduced the Responsible Financial Innovation Act (RFIA), the first major piece of U.S. federal legislation to provide a reasonably comprehensive regulatory framework for digital assets. The nearly seventy-page RFIA addresses Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) jurisdiction over digital assets, the regulation of stablecoins, tax treatment of cryptocurrencies, and other important and unresolved issues.

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