Lummis-Gillibrand Crypto Bill: An Important Step In Bringing Regulatory Clarity To Bitcoin, Stablecoins, & Digital Assets

Senator Cynthia Lummis and New York Senator Kirsten Gillibrand unveiled their long-anticipated legislative proposal to build a federal regulatory framework for cryptocurrencies like Bitcoin. If the bill, called the “Responsible Financial Innovation Act, were to become law, the U.S. could instantly leapfrog its competitors and become the world leader in crypto innovation and inclusion. The bill effectively divides the digital asset world into three buckets: commodities, securities, and “ancillary assets” The bill defines digital ancillary assets as crypto tokens that, while fluctuating in value, do not provide the holder with a “profit or revenue share” or “other financial interest” such as “debt or equity” in the company issuing the tokens. Source