118th Congress Finance and Financial Sector
S. 2281: Lummis-Gillibrand Responsible Financial Innovation Act
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill provides for the regulation of crypto assets.
The bill outlines agency jurisdictions over types of crypto assets and ancillary assets. For example, the bill provides that the Commodity Futures Trading Commission (CFTC) has jurisdiction over crypto assets that do not provide their holders with financial interest in a business entity.
The bill also establishes consumer protections, including by requiring (1) a crypto asset intermediary to provide proof of possession or control of all its crypto assets, and (2) an annual verification of assets by an independent public accountant. The bill also provides for the establishment of customer protection and market integrity authorities upon approval by the Securities and Exchange Commission (SEC) and the CFTC.
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In addition, the bill imposes criminal penalties for violations of certain financial recordkeeping requirements involving crypto asset transactions. Further, the Department of the Treasury, the SEC, and the CFTC must assess the compliance of the entities they regulate with anti-money laundering programs and countering the financing of terrorism requirements.
Under the bill, any stablecoin must be issued by depository institutions. Institutions must hold 100% of the value of all outstanding stablecoins in reserves and allow stablecoins to be redeemed at par.
The bill also provides for the tax treatment of crypto assets, including an exemption from income tax for purchases using digital assets that result in a gain or loss of $200 or less.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Kirsten Gillibrand D-NYOriginal
Who scored on this bill
- 1Cynthia Lummis SponsorDrew cross-party cosponsors, introduced2 events+6
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Introductions and cosponsorships count toward weekly caps and show no points.
Other bills by Cynthia Lummis
- S. 2273: Wyoming Education Trust Modernization Act
- S. 790: To redesignate the National Historic Trails Interpretive Center in Casper, Wyoming, as the "Barbara L. Cubin National Historic Trails Interpretive Center"
- S. 1525: Common Cents Act
- S. 284: Congressional Award Program Reauthorization Act
- S.J.Res. 89: Disapproval of Bureau of Land Management rule: Buffalo Field Office Record of Decision and Approved Resource Management Plan Amendment
- S. 4245: WATER Data Improvement Act
History
- Introduced in the Senate by Cynthia Lummis.
Show the full action history (3 actions)
- Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-510.
- Introduced in Senate
- Read twice and referred to the Committee on Finance.