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S. 4356 117th Congress Senate

Lummis-Gillibrand Responsible Financial Innovation Act

Official title: A bill to provide for responsible financial innovation and to bring digital assets within the regulatory perimeter.

Introduced: June 7, 2022 Introduced by: Cynthia M. Lummis Republican · Wyoming See on congress.gov
Finance and Financial Sector Commodities marketsCommodity Futures Trading CommissionComputers and information technologyCurrency
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Digital mediaFinancial services and investmentsSales and excise taxes
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This bill died when the 117th Congress ended
It never became law before the 117th Congress (2021–2022) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 5 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 15, 2022
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Sep 15, 2022
Committee on Banking, Housing, and Urban Affairs. Hearings held.
Jul 28, 2022
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 117-859.
Jun 7, 2022
Read twice and referred to the Committee on Finance.
Jun 7, 2022
Introduced in Senate
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 Latest action November 15, 2022

Committee on Banking, Housing, and Urban Affairs. Hearings held.

 Plain-English summary Congressional Research Service

Lummis-Gillibrand Responsible Financial Innovation Act

This bill provides for the regulation of digital assets.

The bill delineates the jurisdiction over digital assets held by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). For example, the bill provides that the SEC has jurisdiction over digital assets that provide their holders with financial interest in a business entity, while the CFTC has jurisdiction over digital assets that do not.

In addition, digital asset exchanges are allowed to register with the CFTC.

Under the bill, depository institutions are allowed to issue payment stablecoins. The bill sets forth requirements, including that institutions must hold in reserves 100% of the value of all outstanding stablecoins and allow stablecoins to be redeemed on a one-to-one basis.

The bill also provides for the tax treatment of digital assets, including an exemption from income tax for purchases using digital assets that result in a gain or loss of $200 or less.

Finally, the bill provides for various reports, studies, and consumer protection standards.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Lobbying activity 20

Registered lobbyists who named this bill in their disclosure filings. Source: federal Lobbying Disclosure Act filings.

Bodies those filers lobbied

A filing lists the bills it worked on and the parts of government it contacted in separate sections, so these are the bodies those filers named anywhere in the filing, not a per-bill breakdown.

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 Cosponsors 1
All 1 Democratic 1
D
Gillibrand, Kirsten E.
New York · Jun 7, 2022
Cite this page click to expand
APA
U.S. Congress. (2026). S. 4356: Lummis-Gillibrand Responsible Financial Innovation Act. 117th Congress. Open America. https://openamerica.io/bill/117-S-4356/
MLA
"S. 4356: Lummis-Gillibrand Responsible Financial Innovation Act." 117th Congress, 2026, Open America, https://openamerica.io/bill/117-S-4356/.
Bluebook (legal)
S. 4356, 117th Cong. (2026), https://openamerica.io/bill/117-S-4356/.
Markdown link
[S. 4356: Lummis-Gillibrand Responsible Financial Innovation Act](https://openamerica.io/bill/117-S-4356/)
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