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Lummis-Gillibrand Responsible Financial Innovation Act

Senate Bill S.4356 called Lummis-Gillibrand or Responsible Financial Innovation Act is described as an effort by Senator Lummis and Senator Gillibrand to:

To provide for responsible financial innovation and to bring digital assets within the regulatory perimeter.

This bill creates several changes to US federal law:

  • Grant the CFTC specific oversight of certain digital assets and related markets.
  • Creation of a digital asset self-regulatory agency by the CFTC and SEC.
  • Exclusion from gross income of up to $200 (per transaction) when virtual currency is used by taxpayers to pay for goods or services.

Lumis-Gillibrand specifies that all crypto assets, not withstanding other provisions or rulings, are deemed as commodities:

Notwithstanding any other provision of law, if an issuer issues a security through an arrangement or scheme that constitutes an investment contract, [...] and is in compliance with the periodic disclosure requirements under subsection (c), an ancillary asset provided directly or indirectly by the issuer shall be presumed [...] to be a commodity

This bill was written by the crypto industry lobbying efforts of:

Lobbyists Involved: