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.