The Washington Post writes that US Senators Cynthia Lummis and Kirsten Gillibrand have introduced the full version of a bipartisan bill to regulate the crypto industry.

Dubbed the Responsible Financial Innovation Act, the document establishes legal definitions for digital assets and virtual currencies, and also defines the powers of oversight agencies.

The bill’s provisions require cryptocurrency service providers to disclose information so consumers can make informed decisions.

“The bill establishes a regulatory framework that fosters innovation, develops clear standards, defines appropriate jurisdictions, and protects consumers,” Gillibrand said.

Adam Cochran, partner at Cinneamhain Ventures, said the legislation will “bring broad clarity to the US crypto industry, but will bring huge costs and growth issues.”

He drew attention to several provisions, including:

• The need for legal registration of DAOs, exchanges and stablecoin issuers;
• “stable coin” operators are de facto equal in arrangement with traditional financial institutions, with the mandatory availability of reserves and other liabilities and provisioning;
• strict disclosure requirements;
• strict change controls.

The former will present significant challenges for DeFi projects, but he thinks it will complicate dishonest activities in the industry. Other requirements will increase costs for crypto companies and exchanges, but will improve listing quality and consumer protection.

The expert noted that among the positive aspects, most of the cryptocurrencies will fall under its jurisdiction. CFTC as digital commodity assets.

Cochran stressed that the law in its current form will not be adopted, but will not be implemented. If this happens, big market players will win in the long run, but 99% of respondents will face a “painful period” in the foreseeable future.

Recall that the senators announced this bill in December 2021. In March, politicians released some of their details, including the split of oversight between the CFTC and the CFTC. SEC.

In May, Lummis clarified that the document does not contain provisions for immutable tokens due to the difficulty in their classification.