The long-awaited Responsible Financial Innovation Act to create a regulatory framework for digital assets was introduced in the US Senate on Tuesday. The official text of the 69-page document was also came out.

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The bipartisan bill, sponsored by Senators Cynthia Lummis of Wyoming and Kirsten Gillibrand of New York, “addresses CFTC and SEC jurisdiction, stablecoin regulation, banking, digital asset tax treatment, and interagency coordination.” according to the statement. The statement continues: “Realizing that most digital assets are much more like commodities than securities, the bill gives the CFTC clear authority over applicable digital asset spot markets.”

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The Senators appeared on CNBC on Tuesday morning, and much of the interview focused on the division of labor between the SEC and the CFTC.

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“We are just trying to fit the world of digital assets into our current regulatory framework. […] We spent a lot of time defining the modern Howey test,” Lummis added. She said she met with SEC Chairman Gary Gensler that day, and Gillibrand had met with him the day before. She added:

“We are going to continue to work with both the CFTC and the SEC to make sure we both find the right combination of using the Howey test to determine which of these agencies can best regulate. We think that since we are using the Howey test, everything will be fine.”

“Our job is to have Congress write these laws and regulators to implement them. They don’t decide what to keep and what not,” Gillibrand said in that interview.

Gensler was adamant that most cryptocurrencies are securities held by his agency.

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The CFTC, which is much smaller than the SEC, will be empowered to charge fees to organizations that deal in cash or spot digital assets to fund its additional regulatory responsibilities.

The bill addresses a number of issues related to cryptocurrency. He commissions a study on the environmental impact of digital assets, establishes an innovation advisory committee, and commissions the development of cybersecurity guidelines. It also creates a tax structure and requires an analysis of the use of digital assets in retirement savings.

“It takes a long time to create a regulatory framework for a new industry,” Gillibrand said. The bill must now pass through the Senate committees on banking, agriculture, intelligence and financial services.

Blockchain Association Executive Director Christine Smith said in a statement on the association’s website, “The bipartisan legislation announced today by Senators Lummis and Gillibrand represents a major moment for cryptopolitics and an important step forward for the crypto industry in Washington.”