The anticipated Responsible Financial Innovation Act to form a regulatory framework for virtual assets was proposed to the United States Senate, along with the official text of the 69-page document.

Specifically, The bipartisan bill, with Senators Cynthia Lummis of Wyoming and Kirsten Gillibrand of New York being the two sponsors, reportedly tackles “CFTC and SEC jurisdiction, stablecoin regulation, banking, the tax treatment of digital assets, as well as interagency coordination”.  

“Understanding that most digital assets are much more similar to commodities than securities, the bill gives the CFTC clear authority over applicable digital asset spot markets.”

The senators reportedly made an appearance on CNBC on the morning of June 7th, with the majority of the interview focusing on dividing ownerships between the SEC and CFTC.

“We’re trying to just fit the digital asset world into our current regulatory framework. […] We spent a lot of time on the definition of the modern Howey test” Per Lummis.

Lummis also revealed that she had a discussion with SEC chairman Gary Gensler on the same day, and Gillibrand had a meeting with him the day prior.

“We’re going to continue to work with both the CFTC and the SEC to make sure that we both have found the right mix of using the Howey test to sort out which of those agencies best can regulate. We think that, because we’re using the Howey test, it’s going to come out just fine.”

Gillibrand reportedly believed that they take the responsibility to call for Congress’s effort to draft these legislations, and for the regulators to carry out implementation. 

“They don’t decide what they get to keep and what they don’t” Gillibrand further claimed in the interview. 

Gensler has been refusing to change his perspective in declaring the majority of cryptocurrencies are securities subject to his agency’s authority.