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Crypto Clarity Is Up to Congress: Taking Stock of the Latest Lummis‐Gillibrand Bill
Last Wednesday, July 12, an updated version of the Lummis‐Gillibrand Responsible Financial Innovation Act (RFIA) became public. The updated RFIA, like its predecessor, looks to tackle crypto regulation comprehensively, covering in its 274 pages major topics including market structure, crypto exchanges, stablecoins, illicit finance, and taxation. The proposal confronts the reality of longstanding legal uncertainty for American crypto market participants. Last week’s highly anticipated order in the case of Securities and Exchange Commission v. Ripple Labs, Inc., along with both the RFIA in the Senate and ongoing ... (full story)