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Governments and regulators have struggled to keep pace as new digital asset classes and other blockchain applications have risen to prominence. This regulatory uncertainty has caused confusion in the markets and impeded greater adoption of distributed ledger technologies in the United States. However, on June 7, 2022, US Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) introduced the Responsible Financial Innovation Act (RFIA), the first major piece of US federal legislation to provide a reasonably comprehensive regulatory framework for digital assets. This article discusses the most significant provisions of the RFIA.

This article was originally published on the website of Winston & Strawn LLP on June 9, 2022.

Authors: Daniel T. Stabile, Kimberly A. Prior, and Gabriela Ana Plasencia

3 Pages
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Region: United States
Interest Area: Government
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