Ms. Crypto Goes to Washington
— Inflation approaches double digits, Practice — 1 min read
The Lummis-Gillibrand Responsible Financial Innovation Act lays out a comprehensive regulatory framework for cryptocurrency. The legislation signals the mainstreaming of crypto, but it won’t be enacted this year. The bill's longer-term prospects are also in question, writes Adelle Nazarian and Todd August White. The CFTC is to sort blockchain assets into two categories: bitcoin and ether are to be regulated by the CFTC. Even if Senate passage is secured, Republican House passage and a Biden signature are not to be taken for granted, they say. It does not have a history as an easygoing regulator, says Nazarian, White and White. The legislation also would take the U.S. out of the algorithmic race forever. Source