The US Senate has unveiled a new bill aimed at regulating the cryptocurrency market and defining digital assets. This act, known as the Responsible Financial Innovation Act, was prepared by a group of senators led by Tim Scott.
What is the Responsible Financial Innovation Act
The Responsible Financial Innovation Act (RFIA) has been introduced by the US Senate Banking Committee. This bill establishes a regulatory framework for the cryptocurrency market and introduces asset classification.
Key Provisions of the Bill
RFIA includes key provisions that form the regulatory framework for the crypto industry. In particular, the bill specifies which digital assets are not considered securities. It also sets requirements for the US Securities and Exchange Commission (SEC) to implement the legislation and more clearly define an investment contract.
> “**My colleagues and I in the House and Senate share the same goal: to provide clear rules of the road for digital assets that protect investors, foster innovation, and keep the future of digital finance anchored in America**,” Scott said.
Future of the Bill and Its Discussion
Since the publication of the bill, its authors have requested comments from the public. Currently, the future of RFIA remains unclear, as it has not yet passed a committee vote.
The Responsible Financial Innovation Act represents an important step toward establishing a legal framework for the cryptocurrency market in the U.S. However, its adoption depends on further discussion and voting.
