Lummis: "Responsible Financial Innovation Act" Will Allow Big Banks to Provide Digital Asset Custody, Staking, and Payment Services

BlockBeats News, January 1st, Cynthia Lummis, sponsor of the Bitcoin Strategic Reserve Act and chair of the Senate Banking Committee's Digital Assets Working Group, stated that the U.S. "Responsible Financial Innovation Act" will allow large banks to offer digital asset custody, staking, and payment services under appropriate regulation. "Digital assets are an essential part of our financial system, and bringing them into the regulated banking system can both protect consumers and unlock growth potential."

Previously reported, after months of delay, the U.S. Senate Banking Committee is expected to hold a markup session on the "Responsible Financial Innovation Act" in the second week of January. This move signals a milestone breakthrough in the slow progress of this legislation due to concerns from Democratic lawmakers about decentralized finance and the longest government shutdown in federal history.