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On June 7, Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) introduced S. 4356, the Responsible Financial Innovation Act (Lummis-Gillibrand Bill). If enacted, the legislation would create a regulatory framework for federal oversight of digital assets. In a jointly authored blog post published in conjunction with the introduced bill, Senators Lummis and Gillibrand warned that continued consumer adoption of digital assets in an unregulated market creates significant risk of financial harm to market participants and predicted that absent adequate regulatory oversight, U.S.-based digital asset innovation will languish. The bill’s main goals include protecting consumers and encouraging innovation, which the draft seeks to accomplish by developing clear standards and defining clearer jurisdictional boundaries among regulators.

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<a href="https://www.bakerlaw.com/alerts/proposed-federal-crypto-legislation-supported-by-digital-asset-ecosystem-consumer-advocacy-groups-balk">Read the full alert here.</a>

Washington, D.C.

Counsel

Nicholas C. Mowbray

New York

Partner

Michelle  N. Tanney

Kevin R. Edgar

San Francisco

Teresa Goody Guillén

Proposed Federal Crypto Legislation Supported by Digital Asset Ecosystem; Consumer Advocacy Groups Balk