On June 7, bipartisan legislation has been introduced to the U.S Senate to provide a comprehensive framework to regulate cryptocurrency in the United States. The drafters of the framework think this is the first grand bipartisan bill used to regulate cryptocurrency.
This crypto bill is called the Responsible Financial Innovation Act. This act will deal with the cryptocurrency as a ‘commodity’ like- Copper, Coffee, and Wheat and it will not be under the jurisdiction of the Securities and Exchange Commission (SEC) rather it will act under the Commodity Futures Trading Commission.
This bill is getting views from many players in the crypto world as well as from the regulatory world.
Senators Cynthia Lummis and Kirsten Gillibrand have done the job of introducing the Responsible Financial Innovation Act to regulate cryptocurrency as commodities under the CFTC.
The most noticed point of the bill is that it will regulate cryptocurrency as a ‘commodity’ rather than regulating it as ‘securities’ under the SEC. Now, some investors think that the SEC regulation is not the right thing to act under this for decentralized digital assets. Whereas some think the SEC is better because focuses on the technical regulation of the securities law which is very important for the investor and consumer protection.