Democratic Senator Kirsten Gillibrand, who is working with crypto-friendly legislator Cynthia Lummis to promote the Responsible Financial Innovation Act (RFIA), stated in an interview on 4/8 that 2025 will be a major turning point for cryptocurrency legislation in the United States. After three years of revisions, the RFIA has finally entered congressional discussion, with the first wave focusing on "stablecoins" and "market structure". Gillibrand directly stated that if legislation is not passed, they can expect another FTX incident.
[The rest of the translation follows the same pattern, maintaining the structure and translating all text except for the HTML tags and links]Gillibrand, a Securities Lawyer, Believes Crypto Can Be Regulated
She emphasized that crypto cannot be said to be unregulatable: "The credit default swaps (CDS) during the 2008 financial crisis were truly difficult to understand, but I understood them. Cryptocurrency is just a new type of asset, essentially very similar to previous financial products."
She directly pointed out that whether it's securities, banking, or futures regulatory bodies, the United States actually has all the tools, but legislation has not caught up.
If No Legislation is Passed, Prepare for the Next FTX
Gillibrand believes that FTX's collapse was due to "no rules to govern" and that it was not even on US soil. If another similar collapse occurs, countless US retail investors will be the victims.
She also harshly criticized some officials for adopting an "ostrich mentality", pretending the problem does not exist.
State Bank Scammed for $40 Million, Seeing the Urgency of Legislation
She gave an example of a Kansas state bank being scammed out of $40 million by an overseas fraud group using a false crypto investment plan.
Although some funds were recovered through transaction records, she pointed out: "Blockchain's transparency is an advantage. With proper regulation, this money should never have been able to flow out."
Senate and House Each Have Stablecoin Bills, Need to Consolidate and Reach Consensus
Currently, the Senate has the 'Genius Act' proposed by Gillibrand and Lummis regarding stablecoins, and the House bill is being prepared for voting.
However, Gillibrand stated that the bills have slightly different contents, and she hopes to integrate various opinions and include the agreed-upon stablecoin provisions in the market structure bill.
Preventing Stablecoins Issued by China from Disrupting US Market is Key
Gillibrand emphasized that the US bill must stipulate: "Any crypto assets sold or issued within the US, whether from China or not, must follow the same set of rules."
She is concerned that if competing countries (China) can bypass US regulation, they might use stablecoins to "cause trouble".
Defining Asset Types: Securities, Commodities, or Jokes
Gillibrand also revealed that defining asset types is crucial to the bill:
Decentralized cryptocurrencies like BTC with no issuing company: Commodities
If coin price is tightly linked to a company's performance: Initially classified as securities
Like TRUMP coin: Collectibles
She believes a "multi-department review mechanism" is needed, with the Treasury, SEC, CFTC, and other agencies discussing the classification of each crypto asset.
Curbing Meme Coins, Mandatory Warning Labels
Gillibrand is concerned about the proliferation of meme coins in recent years and advocates for warning labels on meme coins.
Similar to warning labels on cigarette packs that say "This can kill you": "Consumers should be clearly told that this has no value, and you might lose everything."
Legislation Timing is Right, Aiming for First Official Bill in 2025
Gillibrand emphasized that it's rare for Congress to have a bipartisan consensus point. Several crypto bills have passed committee review, and she expects the first crypto bill to pass this year.
She also urged the industry and the public to actively participate: "Even if you can't meet the legislator directly, explain your business and needs to their staff to help them understand the industry."
Not to Obstruct Innovation, but to Make Innovation Go Further and More Steadily
Gillibrand's stance is quite clear. She stated that legislation is to make the crypto industry safe, reliable, and with long-term development space. She also believes:
Crypto technology has enormous potential and should not be blurred by meme coins and shit coins
Clear rules can protect retail investors from being scammed
Only by creating its own legislation and system can the US become a "trustworthy country" in the global financial center
Risk Warning
Cryptocurrency investment carries high risk, and its price may fluctuate dramatically. You may lose all your principal. Please carefully assess the risks.
