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  • Writer's pictureDeborah

On June 7 was introduced the Responsible Financial Innovation Act (RFIA), a legislative proposal that, if it becomes law, would establish a comprehensive regulatory framework for digital assets in the United States.

If it becomes law, the RFIA would include requirements relating to the following :

  • Responsible taxation for digital assets

  • Securities offerings involving certain intangible assets (e.g. disclosure, custody…)

  • Reporting and recordkeeping; standards and examinations for digital assets considered as commodities

  • CFTC jurisdiction over certain digital asset transactions (those that meet the definition of commodities). Digital assets that are deemed securities would be subject to the SEC’s authority.

  • Registration of digital asset exchanges

  • Bankruptcy treatment of digital assets considered as commodities.

  • Responsible consumer protection for stablecoins users

  • Financial Crimes Enforcement Network Innovation Laboratory

  • Use of distributed ledger technology for reduction of risk in depository institutions

  • Asset custody for depository institutions and certain other entities

  • Reputation risk; requirements for account termination requests and orders

  • Self-regulatory organizations for digital assets

  • Cybersecurity standards for digital asset intermediaries

The RFIA still needs to be enacted by Congress and signed into law and to date no timeline has been provided.

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