US Senate Introduces a Bill Aimed at Regulating the Cryptocurrency Sector

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

The document, titled “Responsible Financial Innovation Act,” introduces legal definitions for digital assets and virtual currencies, and defines the powers of oversight agencies.

The bill requires cryptocurrency service providers to disclose information to enable consumers to make informed decisions.

The law will not necessarily be adopted in its current form, if at all, put into practice. If this happens, in the long run the big players in the market will win, but in the foreseeable future, 99% of the participants will have a “painful period.”