Sens. Kirsten Gillibrand, D-N.Y., and Cynthia Lummis, R-Wyo., on Tuesday unveiled a bipartisan bill to create a regulatory framework around crypto. The Lummis-Gillibrand bill, the product of months of Capitol Hill collaboration, amounts to classifying the vast majority of digital assets as commodities. The Responsible Financial Innovation Act would empower the Commodity Futures Trading Commission to regulate most existing digital assets. Both Lummis and Gillibrand want to work to develop their respective states into blockchain and crypto havens.
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