After the introduction of the Responsible Financial Innovation Act by US senators Cynthia Lummis and Kirsten Gillibrand on June 7. On June 8, Grayscale joined hands with the Washington Post to host the conference-The Evolution of Money to discuss the latest crypto bill and how digital assets should be supervised and their effect on the greater financial system and economy. The speakers included Rostin Behnam, chairman of the Commodity Futures Trading Commission (CFTC), Sen. Kirsten Gillibrand, Sen. Cynthia Lummis, Dante Disparte, chief strategy officer and head of global policy at Circle, and Tomicah Tillemann, global chief policy officer at Haun Ventures. All of them expressed their views on the landmark Bipartisan crypto bill.
Firstly, Rostin Behnam, chairman of the Commodity Futures Trading Commission, addressed the audience. He remarked:
“I am thrilled about the fact that we’re taking steps towards regulating and putting guardrails around this technology…I think smart, sensible regulation will protect customers, will bring credibility to the marketplace…We have the strongest, deepest markets in the world because of the regulations we have and I think we can replicate that in the crypto space.”
After him, Senator Kirsten Gillibrand and Cynthia Lummis shared their experience and the agenda behind the bill. Senator Kirsten Gillibrand stated:
“We also have a self‑funding mechanism within the CFTC so that resources go directly there.” So, if they are required to do the oversight and accountability for Bitcoin and Ether and spot markets and futures markets, then they have the resources to hire more lawyers, more cybersecurity experts, and build that cyber capability to handle that aspect of digital assets.”
Adding to that, Senator Cynthia Lummis noted:
“Well, I think the developments of the last few months simply illustrate that it’s time‑‑in fact, past time for this piece of legislation. That stablecoins, algorithmic stablecoins that are backed by nothing, perhaps don’t have a place, that stablecoins should be backed either by 100 percent hard assets or by financial institutions that are insured by the FDIC, and so that’s what our bill provides.”
Dante Disparte, chief strategy officer and head of global policy at Circle, also emphasised:
“Some areas that need to be addressed in the bill, as I see it, are the way money movement is regulated in the United States today at the state level. Companies like Circle, for example, live in a same level playing field as companies like PayPal, and so there are questions about the boundaries of where‑‑where stablecoins, for example, live in the banking framework, or do they continue to exist under electronic stored value or money movement or what another jurisdiction is electronic money. So I think some of those boundaries need to be deeper and better understood.”
The Speakers supported Senators Lummis and Gillibrand’s bill, which would establish a clear regulatory framework for US government control of digital assets and cryptocurrencies, protecting both consumers and the sector if it passed the Parliament. As the bill addressed many concerns about stability, reliability, and how to protect consumers in the digitization of money.
Read more:
US Senators introduces bipartisan bill to provide regulatory framework for crypto industry
