The US Crypto Bill is 69 Pages. Here’s 7 Key Points & What It All Means.
On June 7th, 2022, two US senators (Cynthia Lummis of Wyoming and Kirsten Gillibrand of New York), introduced the Responsible Financial Innovation Act to the world — setting into motion of what looks to be a regulatory foundation around digital assets in the United States. Known better these days as the “US Crypto Bill”, the legislation also goes by Lummis-Gillibrand — which, if the crypto industry continues to grow and evolve in the coming years, Lummis-Gillibrand may roll off the tongue with the familiarity that many currently have with Sarbanes-Oxley (SOX). Maybe we can already shorten it to the LUG bill?
Those who are against government regulations and central banking may view this bill with suspicion and disdain. After all, one of the core pillars of crypto is the aspect of decentralization — which the introduction of this bill clearly goes against. However, a different way of viewing it may be to also acknowledge that regulation is a big win for the industry as a whole. For Web3 projects and crypto enthusiasts who have long been supportive of blockchain technologies, LUG becomes a recognition that this is no longer a fringe industry — but one that is now being recognized by the United States as a legitimate space and one which deserves the highest of attention.
