The Responsible Financial Innovation Act: A Step Towards Clear Rules of the Road

Stellar Development Foundation’s Chief Legal Officer and Head of Policy and Government Affairs Candace Kelly on Senator Cynthia Lummis and Senator Kirstin Gillibrand’s Responsible Financial Innovation Act:

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The industry has consistently advocated for rules of the road for blockchain technology and cryptocurrency. To date, various proposals, some targeting narrow aspects of the industry and others taking a more comprehensive approach, have not gained the bipartisan traction needed to move us forward. Today, Senators Lummis and Gillibrand have bridged the aisle and released an omnibus approach to a framework for regulating this industry. A great jumping-off point, this will allow us to work from a concrete vision and language to determine clear legal guardrails that unlock innovation while holding space for consumer protections. Not only does this bill represent another milestone towards solidifying the industry's place in the future of financial services, but it also highlights our view: that blockchain is not a partisan issue. We unlock opportunities for all Americans when we support technology that improves access to financial services, fosters innovation, and strengthens resilience.

In the last six months alone, we have seen a significant increase in crypto policy activity throughout government, including executive orders at both the federal and state levels. We look forward to working with all of these policymakers to help craft a path forward.

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