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:
- Galaxy Digital
- Defi Education Fund
- Tyler Williams
- Eliora Katz
- Kevin Wysocki
- Madeline Dyer
- Kevin Harris
- Dan Nunez Cohen
- Text - S.4356 - 117th Congress (2021-2022): Lummis-Gillibrand Responsible Financial Innovation Act | Congress.gov | Library of Congress
- S.4356 - 117th Congress (2021-2022): Lummis-Gillibrand Responsible Financial Innovation Act | Congress.gov | Library of Congress
- Lummis-Gillibrand Responsible Financial Innovation Act (S. 4356) - GovTrack.us
- Lobbying Arrangement Search Results for "Responsible Financial Innovation Act" | Represent | ProPublica
- Proposed Federal Crypto Legislation Supported by Digital Asset Ecosystem; Consumer Advocacy Groups Balk | BakerHostetler
- Here’s what the bipartisan crypto bill has in store for the CFTC, bitcoin and ether - Financial News
- Bipartisan bill hands CFTC power over cryptocurrency regulation | Washington Examiner
- Crypto firms could access Federal Reserve system under Senate bill - The Washington Post
- Brookings Institution - How We Can Regulate Stablecoins Now—Without Congressional Action