State Regulators Fight Crypto Bill Over Fraud Concerns
State securities regulators are sounding the alarm about legislation that could upend the country’s digital asset market structure rules.
In a letter to U.S. Sens. Tim Scott (R-S.C.), Elizabeth Warren (D-Mass.) and Ed Markey (D-Mass.), Massachusetts Commonwealth Secretary William Galvin claimed that if passed, the bill would be “a recipe of disaster for millions of savers” that would reach “financial assets far beyond crypto.”
Galvin’s letter focused on the Responsible Financial Innovation Act of 2025, which would modify the regulatory framework for digital assets between the Securities and Exchange Commission and the Commodity Futures Trading Commission.
U.S. Sen. Cynthia Lummis (R-Wyo.) first introduced the legislation in…
