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S. 2281 118th Congress Senate

Lummis-Gillibrand Responsible Financial Innovation Act

Official title: A bill to provide for consumer protection and responsible financial innovation, to bring crypto assets within the regulatory perimeter, and for other purposes.

Introduced: July 12, 2023 Introduced by: Cynthia M. Lummis Republican · Wyoming See on congress.gov
Finance and Financial Sector Civil actions and liabilityCommodities marketsCommodity Futures Trading CommissionComputers and information technology
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CurrencyDigital mediaFinancial services and investmentsFraud offenses and financial crimesIncome tax ratesSales and excise taxes
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This bill died when the 118th Congress ended
It never became law before the 118th Congress (2023–2024) 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 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 26, 2023
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-510.
Jul 12, 2023
Read twice and referred to the Committee on Finance.
Jul 12, 2023
Introduced in Senate
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 Latest action October 26, 2023

Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 118-510.

 Plain-English summary Congressional Research Service

Lummis-Gillibrand Responsible Financial Innovation Act

This bill provides for the regulation of crypto assets.

The bill outlines agency jurisdictions over types of crypto assets and ancillary assets. For example, the bill provides that the Commodity Futures Trading Commission (CFTC) has jurisdiction over crypto assets that do not provide their holders with financial interest in a business entity.

The bill also establishes consumer protections, including by requiring (1) a crypto asset intermediary to provide proof of possession or control of all its crypto assets, and (2) an annual verification of assets by an independent public accountant. The bill also provides for the establishment of customer protection and market integrity authorities upon approval by the Securities and Exchange Commission (SEC) and the CFTC.

In addition, the bill imposes criminal penalties for violations of certain financial recordkeeping requirements involving crypto asset transactions. Further, the Department of the Treasury, the SEC, and the CFTC must assess the compliance of the entities they regulate with anti-money laundering programs and countering the financing of terrorism requirements.

Under the bill, any stablecoin must be issued by depository institutions. Institutions must hold 100% of the value of all outstanding stablecoins in reserves and allow stablecoins to be redeemed at par.

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

 Related & companion bills 1
  • S 1357 Responsible Digital Asset Advertising Act of 2023
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 2
 Lobbying activity 16

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

  • INSURED RETIREMENT INSTITUTE
    for INSURED RETIREMENT INSTITUTE · District of Columbia · 3rd Quarter 2026 (July 1 - Sep 30)
  • INSURED RETIREMENT INSTITUTE
    for INSURED RETIREMENT INSTITUTE · District of Columbia · 2nd Quarter 2026 (Apr 1 - June 30)
  • DININO ASSOCIATES, LLC
    for CORNERSTONE GOVERNMENT AFFAIRS OBO CIRCLE INTERNET FINANCIAL, INC. · District of Columbia · 2nd Quarter 2026 (Apr 1 - June 30)
  • INSURED RETIREMENT INSTITUTE
    for INSURED RETIREMENT INSTITUTE · District of Columbia · 1st Quarter 2026 (Jan 1 - Mar 31)
  • DININO ASSOCIATES, LLC
    for CORNERSTONE GOVERNMENT AFFAIRS OBO CIRCLE INTERNET FINANCIAL, INC. · District of Columbia · 1st Quarter 2026 (Jan 1 - Mar 31)
  • INSURED RETIREMENT INSTITUTE
    for INSURED RETIREMENT INSTITUTE · District of Columbia · 4th Quarter 2025 (Oct 1 - Dec 31)

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.

See all 16 filings →
 Cosponsors 1
All 1 Democratic 1
D
Gillibrand, Kirsten E.
New York · Jul 12, 2023
Cite this page click to expand
APA
U.S. Congress. (2026). S. 2281: Lummis-Gillibrand Responsible Financial Innovation Act. 118th Congress. Open America. https://openamerica.io/bill/118-S-2281/
MLA
"S. 2281: Lummis-Gillibrand Responsible Financial Innovation Act." 118th Congress, 2026, Open America, https://openamerica.io/bill/118-S-2281/.
Bluebook (legal)
S. 2281, 118th Cong. (2026), https://openamerica.io/bill/118-S-2281/.
Markdown link
[S. 2281: Lummis-Gillibrand Responsible Financial Innovation Act](https://openamerica.io/bill/118-S-2281/)
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