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Lewis Cohen, lead attorney at DLx Law LLC, joins to discuss the recently proposed Lummis-Gillibrand bill, the Responsible Financial Innovation Act, which he helped shape. In this episode, we cover:\xa0\n how Lewis was impressed by Gillibrand\u2019s and Lummis\u2019s offices\u2019 hard work and bipartisanship\xa0\xa0\n how the bill creates a new definition for an \u201cancillary asset\u201d with split oversight responsibilities between the CFTC and the SEC\xa0\n how the bill proposes a test of managerial centralization as a determinant of disclosure requirements for digital assets\xa0\n his response to criticism that the ancillary token approach is more complicated than need be and gives too much power to the SEC\xa0\n why the bill didn't adopt an approach more similar to something like SEC Commissioner Hester Peirce\u2019s token safe harbor proposal\xa0\n how Lewis would respond to SEC Chair Gary Gensler\u2019s contention that the vast majority of digital assets are securities\xa0\n how Cohen is concerned about legislation or regulation impinging on basic freedoms to transact by over-applying securities regulation\n what kind of SEC disclosures will be required for \u201cancillary assets\u201d and the requirements for projects to be able to cease mandatory disclosure\n how the bill defines stablecoins\n whether the requirement for stablecoins to maintain reserves means the end of algorithmic stablecoins or whether they will just be called something else\n how the bill handles DAOs and how legislation in this area must be delicate\n why Lewis believes the proposal is a \u201cbright spot\u201d for thoughtful US legislation and bipartisanship\n why he doesn\u2019t see the bill being adopted in the current Congress\xa0\n Thank you to our sponsors!\n Crypto.com: https://crypto.onelink.me/J9Lg/unconfirmedcardearnfeb2021\xa0\n Ava Labs: https://avax.network\xa0\xa0\n \xa0\n EPISODE LINKS\xa0\n \xa0\n Lewis Cohen\xa0\n DLx Law LLC: https://dlxlaw.com/\n\n Twitter: https://twitter.com/NYcryptolawyer\xa0\n LinkedIn: https://www.linkedin.com/in/lewis-cohen-a3211410/\n\n \xa0\n Lummis-Gillibrand Proposal (Responsible Financial Innovation Act)\xa0\n Legal Memo from DLXLaw : https://dlxlaw.com/wp-content/uploads/2022/06/DLX_FSV-summary_RFIA_060722.pdf\n\n Lummis-Gillibrand Section by Section Overview (summary by bill authors): https://www.gillibrand.senate.gov/imo/media/doc/Lummis-Gillibrand%20Section-by-Section%20%5bFinal%5d.pdf\n\n Responsible Financial Innovation Act (full text): https://www.gillibrand.senate.gov/imo/media/doc/Lummis-Gillibrand%20Responsible%20Financial%20Innovation%20Act%20%5bFinal%5d.pdf\n\n Blog post intro (by Senator Kirsten Gillibrand) : https://gillibrandny.medium.com/the-responsible-financial-innovation-act-218a764abd6c\n\n Commentary:\n CoinDesk recap: https://www.coindesk.com/policy/2022/06/07/key-us-senators-introduce-bill-outlining-sweeping-plan-for-future-crypto-rules/\n\n Fortune on what the bill means for algo stablecoins: https://fortune.com/2022/06/08/algorithmic-stablecoins-terra-luna-crypto-regulation-senate-bill-lummis-gillibrand/\n\n JW Verret's critique: https://twitter.com/JWVerret/status/1534165678831325191?s=20&t=nIWYdZKJzXsr-SVK7F_W9w\n\n \nLearn more about your ad choices. Visit megaphone.fm/adchoices