After last week\u2019s rout, the crypto market turned mixed.<\/p>\n\n\n\n
The price of bitcoin gained 1.6% and ethereum\u2019s price budged a few basis points higher this week. CardanoADA<\/a>\u00a0is up 22%, XRP 2.5% and solana 3.6%. On the bearish side, dogecoin fell 3.5% BNBBNB<\/a>\u00a03.4%, while Terra\u2019s \u201cluna 2.0\u201d is down a staggering 40%.<\/p>\n\n\n\n Meanwhile, this past Tuesday Republican Cynthia Lummis and Democrat Kirsten Gillibrand introduced what many call a \u201clandmark\u201d crypto bill. Named\u00a0the\u00a0Responsible Financial Innovations Act<\/em><\/a>, the bipartisan legislation aims to finally clear up the biggest regulatory questions hanging over digital assets.<\/p>\n\n\n\n \u201cThe bipartisan Responsible Financial Innovation Act is a landmark bill that will establish a regulatory framework that spurs innovation, develops clear standards, defines appropriate jurisdictional boundaries and protects consumers. Importantly, the Lummis-Gillibrand framework will provide clarity to both industry and regulators, while also maintaining the flexibility to account for the ongoing evolution of the digital assets market,\u201d\u00a0said Senator Gillibrand<\/a><\/p>\n\n\n\n [Ed note: Investing in crypto is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.]<\/em><\/p>\n\n\n\n Zooming out<\/strong><\/p>\n\n\n\n Here\u2019s a run-through of some of the key provisions in the legislation.<\/p>\n\n\n\n Looking ahead<\/strong><\/p>\n\n\n\n The Responsible Financial Innovation Act <\/em>is a landmark, yet<\/em> very early, step in building a clear regulatory framework for crypto. The bill will have to pass a number of Senate hearings before it can be brought up for a full vote.<\/p>\n\n\n\n Political experts, therefore, believe it has zero chance of going anywhere before the end of this year. And given its scope, there\u2019s a high possibility that it will be heavily massaged or split into smaller bills.<\/p>\n\n\n\n Still, this bipartisan effort is shaping up to be the most sweeping\u2014and largely pro-crypto\u2014crypto legislation to date, which is crucial for the mainstream adoption of digital assets and their integration into traditional finance.<\/p>\n\n\n\n