Crypto investor and industry adviser Les Borsai told Newsmax on Tuesday that Democrats are losing touch with the realities of blockchain and decentralized finance as they push back against the Responsible Financial Innovation Act — a bipartisan market structure bill first introduced in 2022.
Appearing on “National Report,” Borsai said the bill, co-authored by Sens. Kirsten Gillibrand, D-N.Y., and Cynthia Lummis, R-Wyo., was designed to create clear regulatory boundaries between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) — giving the cryptocurrency industry much-needed clarity on oversight.
“What started out as a bipartisan bill,” Borsai said, “seems to be getting pushback now from the Democrats. And I think the thing that’s been really beneficial to the bill is [Sen.] Tim Scott and [Sens.] [Pete] Ricketts, [Bernie] Moreno, and Lummis really having a thoughtful idea of what’s required to govern cryptocurrencies responsibly. The pushback we’re seeing from the Democrats doesn’t address that — it’s the same old arguments.”
Read more at Newsmax© 2025 Newsmax. All rights reserved.