Senate’s crypto bill takes different approach from CLARITY Act – Ledger Insights
Yesterday the Senate Banking Committee published a discussion draft of its crypto market infrastructure bill, the Responsible Financial Innovation Act (RFI Act). It is very different from the House’s CLARITY Act, given it grants major responsibilities to the Securities and Exchange Commission (SEC) not the Commodity Futures Trading Commission (CFTC). Most cryptocurrencies will fall under SEC jurisdiction, even though they will be exempt from many aspects of securities laws. The Agriculture Committee has yet to propose its draft law related to the CFTC, but based on the Banking Committee bill, that’s more likely to relate to typical derivatives activities.
There’s significant logic in giving the SEC jurisdiction. The agency…
