The responsible financial Innovation Act proposes a comprehensive set of rules for the digital assets sector, and one potentially impactful section is DAOs.
On June 7, united states Senators Cynthia Lummis and Kirsten Gillibrand launched the abundant anticipated responsible financial Innovation Act, proposing a comprehensive set of laws that address a number of the biggest queries facing the digital assets sector. By providing holistic steering to the speedily growing business, the bill offers a bipartisan response to President Biden’s call for a whole-of-government approach to control crypto.
Among its many proposals, the bill establishes basic definitions, provides an exemption for digital currency transactions and harmonizes the roles of the Securities and Exchange Commission (SEC) and the trade goods Futures trading Commission (CFTC), delineating regulative swim lanes and granting a big territorial expansion to the CFTC.
The bill is maybe most profitably seen as a call for participation for any dialogue. within the coming back months, its success or failure can mostly be determined by the strength of the debates it generates. it's already engendered sturdy reactions from the industry. one in all the foremost heatedly debated — and probably impactful — sections of the legislation pertains to suburbanized autonomous organizations (DAOs). whereas the act helpfully clarifies components of DAO policy, any action is needed to answer the remaining queries around status, applicable laws and territorial authority.
( Aiden Slavin, Cointelegraph, 2022 )