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Sen. Lummis Readies Crypto Financial Integration Bill

A new bill could arrive following Biden’s Executive Order from one of the Senate’s most prominent crypto advocates.

Responsible Crypto Legislation  

Following some regulatory clarity from the Biden Administration via Executive Order, a new piece of legislation, the Responsible Financial Innovation Act, may soon hit the US Senate floor to help build on the recent news to create a regulatory framework for cryptocurrencies in the US.

Senator Cynthia Lummis (R-Wyoming) has published a tweet on March 9 teasing the coming arrival of new legislation. Lummis noted the bill is still in its final stages and that she is working alongside several central players. The bill looks to properly integrate cryptos like bitcoin and more into the country’s financial system.

“It’s been a long time coming, but my bill to fully integrate digital assets into our financial system is almost ready! I’m putting the final touches on it with some key advocates and partners in the Senate, but watch out for an unveiling soon!” Lummis tweeted.
Source

The warming of regulators has been on the horizon for some time. The news brought forth the potential for a CBDC alongside private sector stablecoins as well as a call for major agency educational catch-up. The watershed order provides the groundwork for plenty more legislation and government action.

“To provide for responsible financial innovation and to bring digital assets fully within the regulatory perimeter,” the initial abstract of the Responsible Financial Innovation Act reads.

The tweeted image from Sen. Lummis showed the front page of an initial draft on top of the second page to a less formal overview. The overview contained cutoff text that had the word ‘DAO’ front and center. The only hope is that Lummis––who has long been one of crypto’s strongest advocates in Washington––pulls together a bill that captures the essence of crypto innovation and ethos. DAOs are a great place to start.

“Thanks to all who have commented, clarified and critiqued the early drafts of the bill. Strong collaboration as we move to reach consensus. Defining rules not rulers. Stay tuned, very soon…” Lummis added in a tweet from her personal account on March 9.

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