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Amy Greer

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On June 7, 2022, Senators Cynthia M. Lummis (R-WY) and Kristen Gillibrand (D-NY) introduced a bill to regulate digital assets and promote financial innovation. The proposed legislation is the first significant, bipartisan effort to apply comprehensive regulation to digital assets. The proposed legislation begins with the premise that digital assets are commodities and their regulation appropriately rests with the Commodity Futures Trading Commission (CFTC). Under the regime as contemplated, the Securities and Exchange Commission (SEC) would be…

In the wake of last month’s collapse of the TerraUSD token, a broad array of regulators and government officials have attempted to introduce a legal framework around stablecoins. Recently, Japan passed comprehensive legislation around the issuance of stablecoins. In the United States, Senators Lummis (R-WY) and Gillibrand (D-NY) recently introduced a bill into the US Congress that would, among other things, set requirements for the amount of backing assets stablecoin issuers would be required to…