Federal Crypto Legislation

What is happening? The list of U.S. Senators working on crypto legislation includes: Sens. Debbie Stabenow, D-Mich., and John Boozman, R-Ark.;  Sen. Pat Toomey, R-Pa; Sens. Kirsten Gillibrand, D-N.Y., and Cynthia Lummis, R-Wyo;

Why is this important? There’s a host of ideas. In order of the authors proposals these bill will:

• Give regulatory authority to Commodities Futures Trading Commission which is the crypto industry’s fave choice
•  Stablecoin TRUST Act, that would create a framework to regulate stablecoins
• Responsible Financial Innovation Act would set definitions and give the IRS  to adopt guidance on merchant acceptance of digital assets and charitable contributions

How will this be important? The proposals are all bipartisan. Something they can agree on- they’ve got to fix the anarchy of crypto.

AP | New crypto oversight legislation arrives as industry shakes