Lummis Aims to Pass Crypto Market Structure Bill Before Thanksgiving
Senator Cynthia Lummis is pushing for the rapid passage of the Market Structure Bill, following the enactment of several significant laws aimed at regulating digital assets in the U.S., including the GENIUS Act and the Anti-CBDC bills.
Key Points of the Responsible Financial Innovation Act
- The Senate Banking Committee is developing a regulatory framework for cryptocurrencies.
- Drafted legislation aims to provide regulatory clarity, promote innovation, and manage risks in the digital asset landscape.
- The bill builds on the Clarity Act, designating the CFTC as the primary regulator for commodities while granting the SEC oversight over “ancillary assets.”
- Ancillary assets will not be classified as securities, exempting them from federal securities laws.
- The bill includes measures to combat illicit activities, mandating anti-money laundering regulations.
- It facilitates traditional banks' engagement with digital assets, allowing activities like custody and trading.
- Senator Lummis anticipates that the bill will reach the President's desk before Thanksgiving.
