Policymakers introduced bipartisan legislation in the Senate on June 7 seeking to provide a comprehensive regulatory framework for cryptocurrency in the United States. The drafters of the legislation tout it as the first major bipartisan bill aiming to regulate cryptocurrency. And the bill could get traction over time since it is viewed by many key players in both the crypto and regulatory worlds as a key starting point for a dialogue about the framework for the future of crypto. Critically, the crypto bill, called the Responsible Financial Innovation Act, would classify cryptocurrency as “commodities” — like copper, coffee, and wheat – under the jurisdiction of the Commodity Futures Trading Commission (CFTC) and not as a security under the jurisdiction of the Securities and Exchange Commission (SEC). What do employers need to know about this development?
The Responsible Financial Innovation Act
Senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.) recently introduced the Responsible Financial Innovation Act to regulate cryptocurrency as commodities under the CFTC. The sponsors stated in a press release that the bill “will create a complete regulatory framework for digital assets that encourages responsible financial innovation, flexibility, transparency, and robust consumer protections while integrating digital assets into existing law. To date, the Lummis-Gillibrand bill is the most substantial and comprehensive bipartisan effort to provide certainty and...
China has removed all medical advertisements on national television channels containing false claims as of the end of March, the National Radio and Television Administration said on Thursday. The ...