Bipartisan crypto bill introduces sweeping framework for the industry

A long-awaited bipartisan crypto framework has finally emerged as U.S. Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) unveiled their Responsible Financial Innovation Act. The measure aims to create "regulatory clarity for agencies charged with supervising digital asset markets, provide a strong, tailored regulatory framework for stablecoins, and integrate digital assets into our existing tax and banking laws." Up until now, there were only narrow pieces of legislation that sought to address the crypto landscape, like the recent push for stablecoin rules by Senator Pat Toomey (R-PA). The basics: The Commodity Futures Trading Commission would be granted oversight of spot markets for cryptocurrencies like Bitcoin (BTC-USD) and Ethereum (ETH-USD), helping to address investor protection in an area that critics say is rife with manipulation. On the other side of the fence, the Securities and Exchange Commission would maintain its oversight of digital assets that give investors a right to "profits,