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ARTICLE · 13 JUNE 2022

The Responsible Financial Innovation Act – A Bullet Point Summary

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On June 7, 2022, Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) released long-awaited legislation addressing the regulatory and tax treatment of digital assets.

United StatesTechnology
Brendan M. Dunn
Brendan M. Dunn
Zachary Rudisill
Zachary Rudisill
Eric C. Ettorre
Eric C. Ettorre
Josh Gohlke
Josh Gohlke
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Key Points:

  • On June 7, 2022, Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) released long-awaited legislation addressing the regulatory and tax treatment of digital assets. Their Responsible Financial Innovation Act seeks to create a comprehensive regulatory framework for digital assets, and it does so in a crypto-friendly manner, in contrast to a generally crypto-skeptical Administration and regulators.
  • This legislation would largely settle the existing dispute between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over cryptocurrency jurisdiction, with deference being given to the CFTC.
  • On the tax front, the bill would require the Internal Revenue Service (IRS) to issue regulations clarifying long-standing issues in the digital asset industry, eliminate capital gains taxes through a de minimis exclusion for cryptocurrencies used to buy up to $200 of goods and services per transaction, and

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