United States Congress
Lummis-Gillibrand Responsible Financial Innovation Act
July 12, 2023
Summary
The Lummis-Gillibrand Responsible Financial Innovation Act establishes a comprehensive regulatory framework for crypto assets, including definitions, consumer protections, anti-money laundering requirements, and oversight by the CFTC and SEC. It mandates proof of reserves, plain-language agreements, and cybersecurity standards for crypto asset intermediaries, and sets rules for payment stablecoin issuance. This bill does not directly affect traditional mortgage lending but may impact banks and fintechs engaged in crypto activities.
Source: https://www.congress.gov/bill/118th-congress/s-bill/2281
Common questions
- What does "Lummis-Gillibrand Responsible Financial Innovation Act" cover?
- The Lummis-Gillibrand Responsible Financial Innovation Act establishes a comprehensive regulatory framework for crypto assets, including definitions,…
- Which agency issued this update?
- This update was issued by United States Congress.
- When was it published?
- It was published on July 12, 2023.
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