Patrick Daugherty Discusses Landmark Lummis-Gillibrand Crypto Bill

22 June 2022 Cointelegraph News

Foley & Lardner LLP Partner Patrick Daugherty was quoted in a Cointelegraph article titled, “Lummis-Gillibrand Crypto Bill Comprehensive But Still Creates Division,” discussing the bipartisan crypto regulation bill recently introduced by Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY).

Daugherty complimented the creativity of the bill, titled the Responsible Financial Innovation Act (RFIA), and noted that “it’s not dictated by the case law, but it coincides with traditional views about the value of periodic disclosure.” There’s a broad consensus that the RFIA is favorable to crypto and has supporters on both sides of the aisle. “It’s really bipartisan,” said Daugherty, “you can see the compromise.” The highly awaited bill was introduced in the United States Senate on June 7 and will likely go through multiple committee markups before a full vote.