When Sen. Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) introduced their bipartisan Responsible Financial Innovation Act at the start of June, it was widely seen as as policy that would undercut the U.S. Securities and Exchange Commission's jurisdiction over crypto.
But Lummis doesn't think the SEC stands to lose much oversight in her proposed crypto regulatory framework.
"I really don't think that the SEC is going to lose regulatory control, I think they'll retain it when [the digital assets] are investment contracts," she told Decrypt on the latest episode of the gm podcast. "I think you'll have situations, under our definitions of ancillary assets, where you'll have a digital asset, say Bitcoin, that is the underlying asset that is regulated by the CFTC, but the investment contract in which it is contained is itself regulated by the SEC."
The bill's investment contract definition, itself pulled from the Securities Act of 1933, would leave the CFTC to regulate Bitcoin and...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...