Senate Bill Could Be A Sea Change For Crypto Regulation

By Emily Garnett, Jason Downs and Katelynn Bradley (June 16, 2022, 5:46 PM EDT) — On June 7, Sens. Cynthia Lummis, R-Wyo., and Kirsten Gillibrand, D-N.Y., released their much-anticipated draft legislation on digital assets and cryptocurrencies. The Responsible Financial Innovation Act has many notable developments affecting the digital asset space.

Perhaps the most significant development is that the bill would assign regulatory oversight over most digital assets to the U.S. Commodity Futures Trading Commission. Indeed, the bill includes a rebuttable presumption that certain digital assets are deemed commodities, not securities, when they are offered as an ancillary asset as part of an investment contract.

This is a sea change transformation because the default market regulator that is…

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