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.