A PYMNTS Company

US Crypto Bill Debuts & Crypto Industry Gets Big Wins

 |  June 13, 2022

In a big win for the crypto industry, a pair of senators proposed bipartisan legislation that would drastically reduce the authority of the Securities and Exchange Commission (SEC), grant tax exemptions that would make it far easier to use cryptocurrencies for small, day-to-day payments, and set ground rules for stablecoins.

The Responsible Financial Innovation Act, introduced on Tuesday (June 7), is a piece of bipartisan legislation by Sen. Cynthia Lummis, R-Wyo., and Sen. Kirsten Gillibrand, D-N.Y., that seeks to create a broad and all-inclusive regulatory and legal framework for cryptocurrencies, stablecoins and the decentralized finance (DeFi) market, including tax policy.

Crucially, it would also create a common set of definitions making clear what digital assets, virtual currencies, stablecoins, smart contracts and other key part of the new technology are. It would also create an industry self-regulatory body.