3.0.0 4356 2023-09-01T14:00:28Z 2023-09-01T14:00:28Z Senate S 2022-06-07 117 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Standing Hearings by 2022-11-15T19:31:13Z Hearings by 2022-09-15T14:00:06Z Hearings by 2022-07-28T18:14:27Z ssfi00 Finance Committee Senate Standing Referred to 2022-06-07T22:07:00Z 2022-11-15 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Committee on Banking, Housing, and Urban Affairs. Hearings held. Committee 2022-09-15 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Committee on Banking, Housing, and Urban Affairs. Hearings held. Committee 2022-07-28 ssbk00 Banking, Housing, and Urban Affairs Committee Senate Committee on Banking, Housing, and Urban Affairs. Hearings held. Committee 2022-06-07 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2022-06-07 Introduced in Senate IntroReferral 10000 9 Library of Congress L000571 Sen. Lummis, Cynthia M. [R-WY] Cynthia Lummis R WY M. N G000555 Sen. Gillibrand, Kirsten E. [D-NY] Kirsten Gillibrand D NY E. 2022-06-07 True Finance and Financial Sector Commodities markets Commodity Futures Trading Commission Computers and information technology Currency Digital media Financial services and investments Sales and excise taxes Finance and Financial Sector 00 2022-06-07 Introduced in Senate 2022-11-03T14:27:28Z Lummis-Gillibrand Responsible Financial Innovation Act

This bill provides for the regulation of digital assets.

The bill delineates the jurisdiction over digital assets held by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). For example, the bill provides that the SEC has jurisdiction over digital assets that provide their holders with financial interest in a business entity, while the CFTC has jurisdiction over digital assets that do not.

In addition, digital asset exchanges are allowed to register with the CFTC.

Under the bill, depository institutions are allowed to issue payment stablecoins. The bill sets forth requirements, including that institutions must hold in reserves 100% of the value of all outstanding stablecoins and allow stablecoins to be redeemed on a one-to-one basis.

The bill also provides for the tax treatment of digital assets, including an exemption from income tax for purchases using digital assets that result in a gain or loss of $200 or less.

Finally, the bill provides for various reports, studies, and consumer protection standards.

]]> Lummis-Gillibrand Responsible Financial Innovation Act Display Title Lummis-Gillibrand Responsible Financial Innovation Act Short Title(s) as Introduced Lummis-Gillibrand Responsible Financial Innovation Act Introduced in Senate IS Official Title as Introduced A bill to provide for responsible financial innovation and to bring digital assets within the regulatory perimeter. Introduced in Senate IS Introduced in Senate 2022-06-07T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117s4356is/xml/BILLS-117s4356is.xml 2022-11-15 Committee on Banking, Housing, and Urban Affairs. Hearings held. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.