US Senators are set to enact a revised version of the Responsible Financial Innovation Act (RFIA) in the coming months. The two-stage cryptocurrency law was first announced in June 2022. The revised cryptocurrency bill will be submitted to the US Senate on this date…
Cryptocurrency law goes to the US Senate on this date
US Senators Kirsten Gillibrand and Cynthia Lummis plan to implement a revised version of the RFIA bill in mid-April. The bill has not yet been approved. The revised bill will focus on establishing new legal definitions for cryptocurrencies, clarifying the role of regulators, strengthening oversight of stablecoins, and revising cryptocurrency taxation.
US regulators have different views on the new laws
The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) are taking different courses when it comes to crypto regulation. Following the announcement of the bill, SEC Chairman Gary Gensler emphasized that the SEC should regulate most cryptocurrencies, which he believes retain their securities characteristics.
In response, CFTC Chairman Rostin Behnam emphasizes that the CFTC needs to strengthen its regulatory authority over the spot market for cryptocurrencies as it oversees the futures market. Behnam also supports the definition of cryptocurrencies proposed in the RFIA as commodities.
Senator Gillibrand stated that the revised version of the bill includes more detailed token/coin definitions and addresses concerns about the bill. At a hearing before the Senate Agriculture Committee on March 8, Gillibrand announced that the SEC should regulate cryptocurrencies with securities properties, while the CFTC should regulate assets that are commodities. The Office of the Currency Auditor (OCC) will focus on stablecoin audits.
Meanwhile, the U.S. central bank Fed has announced that it will create a new crypto team amid concerns about unregulated stablecoins.
Fed recruits new team for regulations
Amid its concerns about “unregulated” stablecoins, the central bank is preparing to assemble a “special team of experts” to keep up with developments in the crypto market, according to a Fed official. The Fed’s vice president of supervision said the central bank does not want to curb innovation, but wants to ensure that regulations protect households and the financial system.
Speaking at the Peterson Institute for International Economics in Washington on March 9, Michael Barr, Vice President of Audit, acknowledged that cryptocurrencies can have a “transformative effect” on the financial system, but added that “the benefits of innovation can only be realized if there are appropriate guardrails.”
One crypto subsector that Barr highlighted as a cause for concern was stablecoins. Overall, the revised RFIA bill aims to provide clarity and regulation for the US cryptocurrency market. The impact of the bill, which will be implemented in mid-April, could be critical. cryptocoin.comAs you follow, the crypto market is in the throes of bankruptcy crises extending to 2022 in the new year.
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