Senator Cynthia Lummis, a rancher and Republican senator from Wyoming introduced a comprehensive and sweeping bill concerning Bitcoin and crypto regulations. The RFI (Responsible Financial Innovation) Act was released on June 7th by the Senator alongside Kristen Gillibrand, a New York securities attorney, and Democrat senator.
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According to Lummis, the proposed bill will lead to cryptocurrency adoption into the traditional financial system. Thus, enabling the digital currencies to become accepted as commodities.
Clear Distinction Between Bitcoin From Other commodities
The senator explained that, in promoting the crypto bill before its deployment, if the bill becomes passed into law, it will introduce a change. She said there would be a clear difference between securities, commodities, cryptocurrencies, stablecoins, collectibles, and NFTs.
Furthermore, the case of the distinct classification of securities and commodities will be determined by Bitcoin, as it possesses the most possibility of a commodity.
BTC moving sideways on the daily chart. Source: BTCUSD Tradingview
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