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US crypto regulation bill aims to bring greater clarity to DAOs

Published 07/11/2022, 09:19 AM
Updated 07/11/2022, 11:00 AM
US crypto regulation bill aims to bring greater clarity to DAOs

On June 7, United States Senators Cynthia Lummis and Kirsten Gillibrand launched the much anticipated Responsible Financial Innovation Act, proposing a comprehensive set of regulations that address some of the biggest questions facing the digital assets sector. By providing holistic guidance to the rapidly growing industry, the bill offers a bipartisan response to President Biden’s call for a whole-of-government approach to regulating crypto.

Among its many proposals, the bill establishes basic definitions, provides an exemption for digital currency transactions and harmonizes the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), delineating regulatory swim lanes and granting a significant jurisdictional expansion to the CFTC.

Aiden Slavin is the Project Lead of the World Economic Forum’s Crypto Impact and Sustainability Accelerator. At the Forum he leads initiatives across the public and private sectors to advance the Web3 policy and impact agenda. Prior to the World Economic Forum, he led policy and partnerships programs at ID2020, an alliance focused on realizing the benefits of blockchain-based digital ID. He holds a BA from Columbia University and an MSc from the University of Oxford.

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