S. 4356: Lummis-Gillibrand Responsible Financial Innovation Act

117th Congress · introduced 2022-06-07 · Finance and Financial Sector · Latest: Committee on Banking, Housing, and Urban Affairs. Hearings held.

federal

Follow this bill, step by step

Where it came from: introduced 2022-06-07 · official record
Who proposed it: Sen. Lummis, Cynthia M. [R-WY] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Committee on Banking, Housing, and Urban Affairs. Hearings held. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Lummis-Gillibrand Responsible Financial Innovation Act

Plain summary

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.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Lummis-Gillibrand Responsible Financial Innovation Act

Source: Congressional Research Service summary (Introduced in Senate)

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The strongest published arguments

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Lummis, Cynthia M. [R-WY] · 1 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Kirsten E. Gillibrand (D-NY)

Sponsor's campaign money: Sen. Lummis, Cynthia M. [R-WY] reported raising $1.5 million (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (5)

Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Exemption: A rule that removes certain people, property or activities from a tax or requirement.
Jurisdiction: The area or the matters a government or court has authority over.
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.
Securities: Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-117s4356.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/117/s>

Record fed-us-cong117-s4356 · catalog fed-us-congress-bills-cong117 · updated 2026-11-15 by psicol fed-bills-cong117