Denelle Dixon of Stellar Development Foundation (XLM) on The Responsible Financial Innovation Act

Stellar Network firmly believes that blockchain is here to stay.  They are confident about creating the guardrails to ensure that this innovation will be able to flourish.

US senators Cynthia Lummis and Sen Gillibrand have stated that Bitcoin is a store of value which should be a part of the 401K retirement accounts.

Kristen Gillibrand:  “It’s time to lay down the rules of the road. Today I introduced a major new bill with Cynthia Lummis to create a robust framework for regulating cryptocurrency and digital assets, protecting consumers and providing clarity for the industry and regulators.”

So, the bill is known as the “The Responsible Financial Innovation Act.”

This bill provides regulatory clarity for agencies who have to play the role of supervising digital asset markets.  This bill provides a strong, tailored regulatory framework for stable coins.  Thus, digital assets are integrated in to the existing tax and banking laws.

Denelle Dixon in response:  What are the takeaways from today’s Cynthia Lummis and Sen Gillibrand legislation. 1) It’s a true piece of bipartisan work.

Not much of that is happening in D.C. right now, but it makes sense that this industry is bringing together conservatives and liberals, GOP and Dems, to find a workable framework that can unleash innovation and build a financial system that works for the people using it.

Why? Because blockchain is not a partisan issue.

This is another huge moment for the industry and its role in the future of financial services. We’ve seen an executive order, a focus to get stablecoin legislation over the finish line, continued state engagement with a CA EO, and now this.

This cannot be said enough: blockchain is here to stay, and now we need to create the guardrails to ensure that this innovation can flourish.

This is the beginning of a process that will surely extend into next year. With an election year upon us, we can expect to see this conversation continue and build. But to be clear, this legislation will serve as the foundation for what’s to come.

And we are energized and ready to continue our dialogue with policymakers to get us to the right place.

Community Reaction:  It’s nice seeing folks from different political parties come together for a common goal! Long road ahead, but it’s great to see more attention for digital assets. Everyone needs to be educated, but digital assets are the future.