In a move to help prevent issues similar to FTX’s bankruptcy in the wake of the 2022 market crash, United States Sens. Cynthia Lummis and Kirsten Gillibrand plan to reintroduce legislation to facilitate the regulation and consumer protection of digital currency innovation. The bill, titled the Responsible Financial Innovations Act, features several elements, such as updated US tax rules allowing the industry to pay its monitoring bodies, and additional measures for stablecoins to prevent a similar collapse from happening once again.
Lummis and Gillibrand are the first elected officials to take bipartisan action on digital assets in light of disagreements from other politicians like Senator Elizabeth Warren who discredit the revolution, and Florida governor Ron DeSantis who is championing digital entities of some sort.
Representatives from the House of Representatives also ratified discussion-oriented discussion drafts helpful to the crypto elite, with the Financial Services Committee initiating concepts that officially initiate the Federal Reserve’s issuance. Misuse of cryptocurrencies are monitored by the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC).
