Blog: Tales From The Crypto Bill 2: From Fees To State Licensees – Law360

By Al Barbarino and Jon Hill (June 13, 2022, 10:36 PM EDT) — A sweeping legislative proposal that would empower the U.S. Commodity Futures Trading Commission with federal oversight responsibilities for much of the cryptocurrency market also takes a stab at answering how to pay for it and could set the stage for formal industry self-policing.

The Responsible Financial Innovation Act, which was unveiled last week by Sens. Cynthia Lummis, R-Wyo., and Kirsten Gillibrand, D-N.Y., aims to sharpen jurisdictional boundaries in the digital asset market by positioning the CFTC as its primary federal regulator, instead of the larger and better-funded U.S. Securities and Exchange Commission.

That’s led some Wall Street critics to brand the…

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