New, sweeping bipartisan legislation proposes to define the contours of regulating digital assets and the crypto industry. Among other things, the bill:
- Gives the CFTC primary jurisdiction over digital assets and exchanges, limiting the SEC’s ability to regulate the industry;
- Calls for federal and state cooperation in monitoring and regulating the various aspects of the industry, including tax and money transmitter issues; and
Includes a number of measures designed to address cybersecurity and ESG concerns.