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The Responsible Financial Innovation Act will be presented with a new bill where is the 'new'
Author: Martin Young, CryptoPotato; Compiler: Song Xue, Jinse Finance
On July 12, Senators Cynthia Lummis and Kirsten Gillibrand will introduce a revised encryption bill.
**The revised Responsible Financial Innovation Act seeks to classify most crypto assets as commodities, similar to gold. **
That would put them under the protection of the Commodity Futures Trading Commission (CFTC) rather than the Securities and Exchange Commission, which is "stifling innovation in financial technology," the senators said.
Crypto Act Returns
The SEC wants to apply 90-year-old legislation to regulate and treat cryptocurrency companies like banks and stock exchanges.
“For the most part, the domestic industry did try to comply, but they just got left out,” Lummis said, according to Wired, adding, “That’s not how we regulate in this country.”
The newly proposed legislation aims to protect investors and prevent a major crash that would paralyze the industry in 2022. However, it does not advocate harming investors by taking enforcement action, litigation, or requiring the freezing of exchange assets (which is exactly what the SEC has been doing).
The report cites a person familiar with the matter as saying that the latest bill, if passed, would require cryptocurrency exchanges to store customer funds in third-party trusts. It will also prevent exchanges from using their own funds or tokens for internal transactions. **
**In addition, the CFTC has the authority to monitor exchange affiliates for potential misdemeanors. **
**The bill also prohibits “rehypothecation,” the practice of financing digital assets already locked in other borrowing.
The legislation has been submitted to the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), but Lummis is concerned that the bill will run into obstacles.
"After we've done everything we can to engage with them and work with them, I don't want them to object to this at the last minute."
The U.S. is already far behind the rest of the world when it comes to cryptocurrency regulation. Thus, the exodus of talent, innovation and capital has already begun.
Cryptocurrency Market Outlook
While the cryptocurrency market will be boosted by progressive U.S. legislation, sentiment and trading volumes are currently flat.
Total market capitalization remained unchanged on the day at $1.23 trillion, with little movement in high-cap coins over the past 24 hours.