---
title: "Lummis-Gillibrand Responsible Financial Innovation Act"
identifier: "118-S-2281"
congress: 118
bill_number: 2281
bill_type: "S"
version_code: "is"
version_type: "Introduced in Senate"
bill_url: "https://chamberzero.com/congresses/118/bills/s/2281"
source: "https://www.congress.gov/bill/118th-congress/senate-bill/2281"
site: "Chamber Zero"
site_url: "https://chamberzero.com"
rendered_at: "2026-06-04T02:02:04.131Z"
---
## SEC. 1 Short title; table of contents.

[Read Section 1 →](/congresses/118/bills/s/2281/sections/1-section-one.md)

## SEC. 2 Definitions.

[Read Section 2 →](/congresses/118/bills/s/2281/sections/2.md)

# TITLE I — Definitions

## SEC. 101 Definitions.

[Read Section 101 →](/congresses/118/bills/s/2281/sections/TI-101.md)

# TITLE II — Putting consumer protection first

## SEC. 201 Sense of Congress relating to crypto asset enforcement powers.

[Read Section 201 →](/congresses/118/bills/s/2281/sections/TII-201.md)

## SEC. 202 Enforcement of consumer protection requirements.

[Read Section 202 →](/congresses/118/bills/s/2281/sections/TII-202.md)

## SEC. 203 Mandatory proof of reserves; annual verification.

[Read Section 203 →](/congresses/118/bills/s/2281/sections/TII-203.md)

## SEC. 204 Plain language crypto asset customer agreements.

[Read Section 204 →](/congresses/118/bills/s/2281/sections/TII-204.md)

## SEC. 205 Basic consumer protection standards for crypto assets.

[Read Section 205 →](/congresses/118/bills/s/2281/sections/TII-205.md)

## SEC. 206 Cleaning up crypto asset lending.

[Read Section 206 →](/congresses/118/bills/s/2281/sections/TII-206.md)

## SEC. 207 Settlement finality.

[Read Section 207 →](/congresses/118/bills/s/2281/sections/TII-207.md)

## SEC. 208 Advertisements of crypto asset intermediaries and certain other persons.

[Read Section 208 →](/congresses/118/bills/s/2281/sections/TII-208.md)

## SEC. 209 Cybersecurity standards for crypto asset intermediaries.

[Read Section 209 →](/congresses/118/bills/s/2281/sections/TII-209.md)

# TITLE III — Combating illicit finance

## SEC. 301 Higher penalties for crypto asset crimes.

[Read Section 301 →](/congresses/118/bills/s/2281/sections/TIII-301.md)

## SEC. 302 Anti-money laundering examination standards.

[Read Section 302 →](/congresses/118/bills/s/2281/sections/TIII-302.md)

## SEC. 303 Crypto asset kiosks.

[Read Section 303 →](/congresses/118/bills/s/2281/sections/TIII-303.md)

## SEC. 304 Independent Financial Technology Working Group to Combat Terrorism and Illicit Financing.

[Read Section 304 →](/congresses/118/bills/s/2281/sections/TIII-304.md)

## SEC. 305 Sanctions compliance responsibilities of payment stablecoin issuers.

[Read Section 305 →](/congresses/118/bills/s/2281/sections/TIII-305.md)

## SEC. 306 Crypto asset mixers and tumblers.

[Read Section 306 →](/congresses/118/bills/s/2281/sections/TIII-306.md)

## SEC. 307 Financial Crimes Enforcement Network Innovation Laboratory.

[Read Section 307 →](/congresses/118/bills/s/2281/sections/TIII-307.md)

# TITLE IV — Responsible Commodities regulation

## SEC. 401 Definitions.

[Read Section 401 →](/congresses/118/bills/s/2281/sections/TIV-401.md)

## SEC. 402 Reporting and recordkeeping.

[Read Section 402 →](/congresses/118/bills/s/2281/sections/TIV-402.md)

## SEC. 403 Jurisdiction over crypto asset transactions.

[Read Section 403 →](/congresses/118/bills/s/2281/sections/TIV-403.md)

## SEC. 404 Registration of crypto asset exchanges.

[Read Section 404 →](/congresses/118/bills/s/2281/sections/TIV-404.md)

## SEC. 405 Supervision of affiliates.

[Read Section 405 →](/congresses/118/bills/s/2281/sections/TIV-405.md)

## SEC. 406 Violations.

[Read Section 406 →](/congresses/118/bills/s/2281/sections/TIV-406.md)

## SEC. 407 Market reports.

[Read Section 407 →](/congresses/118/bills/s/2281/sections/TIV-407.md)

## SEC. 408 Bankruptcy treatment of crypto assets.

[Read Section 408 →](/congresses/118/bills/s/2281/sections/TIV-408.md)

## SEC. 409 Identified banking products.

[Read Section 409 →](/congresses/118/bills/s/2281/sections/TIV-409.md)

## SEC. 410 Financial institutions definition.

[Read Section 410 →](/congresses/118/bills/s/2281/sections/TIV-410.md)

## SEC. 411 Offsetting the costs of crypto asset regulation.

[Read Section 411 →](/congresses/118/bills/s/2281/sections/TIV-411.md)

# TITLE V — Responsible securities regulation

## SEC. 501 Securities offerings involving certain intangible assets.

[Read Section 501 →](/congresses/118/bills/s/2281/sections/TV-501.md)

## SEC. 502 Guidance relating to satisfactory control location.

[Read Section 502 →](/congresses/118/bills/s/2281/sections/TV-502.md)

# TITLE VI — Customer protection and market integrity authority

## SEC. 601 Customer protection and market integrity authority.

[Read Section 601 →](/congresses/118/bills/s/2281/sections/TVI-601.md)

## SEC. 602 Registration, rulemaking, and supervision of customer protection and market integrity authorities.

[Read Section 602 →](/congresses/118/bills/s/2281/sections/TVI-602.md)

## SEC. 603 Records and reports; duties and powers of customer protection and market integrity authorities.

[Read Section 603 →](/congresses/118/bills/s/2281/sections/TVI-603.md)

# TITLE VII — Responsible payments innovation

## SEC. 701 Issuance of payment stablecoins.

[Read Section 701 →](/congresses/118/bills/s/2281/sections/TVII-701.md)

## SEC. 702 Treatment of endogenously referenced crypto assets.

[Read Section 702 →](/congresses/118/bills/s/2281/sections/TVII-702.md)

## SEC. 703 Certificate of authority to commence banking.

[Read Section 703 →](/congresses/118/bills/s/2281/sections/TVII-703.md)

## SEC. 704 Holding company supervision of covered depository institutions.

[Read Section 704 →](/congresses/118/bills/s/2281/sections/TVII-704.md)

## SEC. 705 Codifying custodial principles for financial institutions.

[Read Section 705 →](/congresses/118/bills/s/2281/sections/TVII-705.md)

## SEC. 706 Implementation rules to preserve adequate competition in payment stablecoins.

[Read Section 706 →](/congresses/118/bills/s/2281/sections/TVII-706.md)

## SEC. 707 Study on use of distributed ledger technology for reduction of risk in depository institutions.

[Read Section 707 →](/congresses/118/bills/s/2281/sections/TVII-707.md)

## SEC. 708 Clarifying application review times with respect to the Federal banking agencies.

[Read Section 708 →](/congresses/118/bills/s/2281/sections/TVII-708.md)

## SEC. 709 Conforming amendments.

[Read Section 709 →](/congresses/118/bills/s/2281/sections/TVII-709.md)

# TITLE VIII — Responsible taxation of crypto assets

## SEC. 801 De minimis gain from sale or exchange of crypto assets.

[Read Section 801 →](/congresses/118/bills/s/2281/sections/TVIII-801.md)

## SEC. 802 Information reporting requirements imposed on brokers with respect to crypto assets.

[Read Section 802 →](/congresses/118/bills/s/2281/sections/TVIII-802.md)

## SEC. 803 Sources of income.

[Read Section 803 →](/congresses/118/bills/s/2281/sections/TVIII-803.md)

## SEC. 804 Tax treatment of crypto asset lending agreements and related matters.

[Read Section 804 →](/congresses/118/bills/s/2281/sections/TVIII-804.md)

## SEC. 805 Loss from wash sales of crypto assets.

[Read Section 805 →](/congresses/118/bills/s/2281/sections/TVIII-805.md)

## SEC. 806 Mark-to-market election.

[Read Section 806 →](/congresses/118/bills/s/2281/sections/TVIII-806.md)

## SEC. 807 Forks, airdrops, and subsidiary value.

[Read Section 807 →](/congresses/118/bills/s/2281/sections/TVIII-807.md)

## SEC. 808 Crypto asset mining and staking.

[Read Section 808 →](/congresses/118/bills/s/2281/sections/TVIII-808.md)

## SEC. 809 Charitable contributions and qualified appraisals.

[Read Section 809 →](/congresses/118/bills/s/2281/sections/TVIII-809.md)

# TITLE IX — Responsible interagency coordination

## SEC. 901 Timeline for interpretive guidance issued by Federal financial agencies.

[Read Section 901 →](/congresses/118/bills/s/2281/sections/TIX-901.md)

## SEC. 902 State money transmission coordination relating to crypto assets.

[Read Section 902 →](/congresses/118/bills/s/2281/sections/TIX-902.md)

## SEC. 903 Information sharing among Federal and State financial regulators.

[Read Section 903 →](/congresses/118/bills/s/2281/sections/TIX-903.md)

## SEC. 904 Report on energy consumption in crypto asset markets.

[Read Section 904 →](/congresses/118/bills/s/2281/sections/TIX-904.md)

## SEC. 905 Analysis of energy consumption by distributed ledger technologies.

[Read Section 905 →](/congresses/118/bills/s/2281/sections/TIX-905.md)

## SEC. 906 Report on distributed ledger applications in energy.

[Read Section 906 →](/congresses/118/bills/s/2281/sections/TIX-906.md)

## SEC. 907 Permitting Federal Government employees to gain experience with crypto asset technologies.

[Read Section 907 →](/congresses/118/bills/s/2281/sections/TIX-907.md)

## SEC. 908 Advisory Committee on Financial Innovation.

[Read Section 908 →](/congresses/118/bills/s/2281/sections/TIX-908.md)

# TITLE X — Equipping agencies to protect consumers and promote responsible innovation

## SEC. 1001 Executive Office of the President appropriations.

[Read Section 1001 →](/congresses/118/bills/s/2281/sections/TX-1001.md)

## SEC. 1002 Financial Crimes Enforcement Network appropriations.

[Read Section 1002 →](/congresses/118/bills/s/2281/sections/TX-1002.md)

## SEC. 1003 Commodity Futures Trading Commission appropriations.

[Read Section 1003 →](/congresses/118/bills/s/2281/sections/TX-1003.md)

## SEC. 1004 Securities and Exchange Commission appropriations.

[Read Section 1004 →](/congresses/118/bills/s/2281/sections/TX-1004.md)

## SEC. 1005 Federal Trade Commission appropriations.

[Read Section 1005 →](/congresses/118/bills/s/2281/sections/TX-1005.md)

## SEC. 1006 Advisory Commission on Financial Innovation appropriations.

[Read Section 1006 →](/congresses/118/bills/s/2281/sections/TX-1006.md)