US Senators Cynthia Lummis and Kirsten Gillibrand have just introduced the full version of a bipartisan bill aimed at regulating the cryptocurrency sector, The Washington Post has reported.
The bill, called the Responsible Financial Innovation Act, introduces legal definitions for digital assets and virtual currencies. In addition, it also defines the powers of supervisory agencies.
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According to the document, cryptocurrency service providers are required to disclose information so that consumers can make informed decisions.
Gillibrand has said:
"The bill creates regulatory clarity for agencies charged with supervising digital asset markets, provides a strong, tailored regulatory framework for stablecoins, and integrates digital assets into our existing tax and banking laws."
Adam Cochran, a partner at Cinneamhain Ventures, has said the legislation "gives US crypto clarity but it will have a huge cost and growing pains."
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