Lummis-Gillibrand Reintroduce Landmark Crypto Legislation
The Breakdown
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The Lomas Gillibrand Bill and Cryptocurrency Regulation
The major question hanging over crypto from a regulatory standpoint is whether tokens should be classified as securities or commodities. The updated responsible financial innovation act deals with this in a fairly straightforward way. Lomas Gillibrand would introduce a self-regulatory organization or SRO to oversee the industry. It goes against the argument being put forward by the SEC and the Coinbase lawsuit but is fairly aligned with the recent court decision in the LBRY case.
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