S 2281
Lummis-Gillibrand Responsible Financial Innovation Act
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
The Lummis-Gillibrand Responsible Financial Innovation Act aims to regulate the cryptocurrency market by establishing clear rules and protections for consumers and financial stability. The bill designates regulatory agencies like the CFTC and SEC to oversee different types of crypto assets, requiring intermediaries to maintain proof of reserves and provide transparent customer agreements. It also addresses stablecoins, criminal penalties for financial recordkeeping violations, and establishes a framework for combating illicit finance and promoting responsible innovation within the crypto sector.
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