When legislating becomes a moderation problem of its own
In a related thread, a user commented, “Feds are not looking post floppa,” accompanied by a picture ofThe trolling also extends to commit requests, where one user proposed replacing the bill with the source code of the popular first-person shooter Doom. “This bill would do far more to benefit everyday Americans if its text was replaced with the source code of Doom,” reads a comment responding to the request. “Devs should merge asap.
Introduced earlier this month by Lummis and Sen. Kirsten Gillibrand , the Responsible Financial Innovation Act would create a framework for regulators to determine whether a certain digital asset should be considered a commodity or security while implementing new stablecoin provisions. Notably, the bill would put much of the regulatory authority over cryptocurrency in the hands of the Commodities Future Trading Authority , significantly expanding the agency’s budget and authority.
The bill is still in its early stages, and would need to be approved by several Senate committees before it could see a full floor vote and pass into law. Nonetheless, it’s one of Congress’s most comprehensive attempts so far to bring regulatory clarity to the controversial and often confusing world of cryptocurrency.
“Digital assets, blockchain technology and cryptocurrencies have experienced tremendous growth in the past few years and offer substantial potential benefits if harnessed correctly,” Gillibrand said . “It is critical that the United States play a leading role in developing policy to regulate new financial products, while also encouraging innovation and protecting consumers.”Subscribe to get the best Verge-approved tech deals of the week.Please confirm your subscription to Verge Deals via the verification email we just sent you.
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