Cryptocurrency regulation introduced to split oversight between SEC and CFTC

MIAMI, FLORIDA - APRIL 8: U.S. Sen Cynthia Lummis (R-WY) gestures as she speaks during the Bitcoin 2022 Conference at Miami Beach Convention Center on April 8, 2022 in Miami, Florida. The worlds largest bitcoin conference runs from April 6-9, expecting over 30,000 people in attendance and over 7 million live stream viewers worldwide.(Photo by Marco Bello/Getty Images)

The regulation of over 19,764 cryptocurrencies could soon have more precise regulation – the first of its kind since the introduction of Bitcoin in 2009.

Bipartisan Legislation called the Responsible Financial Innovation Act was introduced on Tuesday by Senators Kirsten Gillibrand and Cynthis Lummis.

Lummis stated it would create “regulatory clarity for agencies charged with supervising digital asset markets, provide a strong, tailored regulatory framework for stablecoins, and integrate digital assets into our existing tax and banking laws.”

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