• 4 digital asset bills have the potential to drastically change the US crypto industry, such as the Financial Innovation and Technology for the 21st Century Act and Responsible Financial Innovation Act.
• These bills aim to create a process for determining if a digital asset is a commodity or security, clarify regulatory jurisdictions, and provide consumer protection.
• If passed, these bills could help revive projects that have been shut down due to past legal decisions and provide tax clarity on digital assets.

Introduction

Since 2022, there have been at least 50 digital asset bills introduced to Congress in an attempt to govern everything from stablecoins to the jurisdiction of United States regulators. Four of these bills are seen as having a major impact on the crypto industry if passed.

Financial Innovation and Technology for the 21st Century Act

This bill, introduced on July 20th , seeks to create a process for determining if a digital asset is classified as a commodity or security. It would also clarify regulatory jurisdictions by giving power over digital commodities to the Commodity Futures Trading Commission (CFTC) and providing clarity on Securities and Exchange Commission’s (SEC) jurisdiction. Furthermore, it would include provisions that allow securities labeled assets an opportunity for reclassification as commodities – which could potentially lead to revival of projects previously shut down due to legal reasons.

Responsible Financial Innovation Act (RFIA)

The Lummis-Gillibrand bill or RFIA is similar in nature with goals of clarifying regulatory jurisdiction amongst SEC and CFTC while providing consumer protection from bad actors in order prevent another FTX-style event from occurring again. In addition, it provides laws surrounding taxation of digital assets.

Potential Impact

If passed, these bills could significantly shape crypto regulation in America by providing more clear paths towards classification of digital assets whilst protecting consumers through greater oversight over businesses operating within this space. This could also open opportunities for revival of projects that were previously unable to continue due legal issues surrounding classification of their respective tokens/assets as securities or commodities.

Conclusion

These four pieces of legislation have gained significant attention from both lawmakers and members within the crypto sphere alike – indicating their potential importance should they be signed into law.. With so much potential benefit riding on their success , we can only hope that they will soon become law — allowing America’s crypto industry the opportunity for greater success going forward!