The leading blockchain solution for carbon credits, KlimaDAO, announced that its legal team has been working on the ‘Lummis-Gillibrand Responsible Financial Innovation Act’, a.k.a the ‘DAO Bill’, which aims to establish a US regulatory regime for digital assets.
According to the announcement, the bill is critical in legitimizing the work of KlimaDAO and other DAOs.
Since May, KlimaDAO has met with staff members from the offices of “Bitcoin Senator” Cynthia Lummis (R-WY) and another Democratic senator serving as co-lead sponsor, Kristen Gillibrand (D-NY).
The Responsible Financial Innovation Act (RFIA) defines key terms related to Web3 and crypto, such as “digital asset”, “distributed ledger technology”, “smart contract” ,and “virtual currency”.
The announcement stated that it is part of a greater effort by institutions and policymakers “as we transition to a more mature environment that facilitates greater integration of organizational work.”
RFIA also addresses issues such as responsible taxation of digital assets, with a focus on DAOs, as well as responsible commodities innovation, consumer protection, payments innovation, and banking innovation.
The much-anticipated bill aims to end the long-standing uncertainty about financial regulators’ jurisdiction over digital assets. It was introduced to the Senate in June and made public on GitHub to solicit feedback from the technical community.
“We are honored to have the chance to work with Senators Gillibrand, Lummis, and their staff, in helping to shape such an important project,” wrote KlimaDAO.