On June 7, 2022, Wyoming Senator Cynthia Lummis and New York Senator Kirsten Gillibrand introduced the Lummis-Gillibrand Responsible Financial Innovation Act, the first comprehensive bill introduced to govern digital assets (see our post summarizing the key provisions in the bill here). In the Debevoise Fintech Blog’s first official webcast, our banking and fintech experts, Alison Hashmall and Gary Murphy, discuss the bill with Chris Land, General Counsel for Senator Cynthia Lummis, and Arjun Ghosh, Finance Counsel to Senator Kirsten Gillibrand. Topics covered include:

  • CFTC authority vs. SEC authority
  • Stablecoin
  • Federal Reserve access
  • Custody
  • Money transmission
  • Taxation
  • Legislative process and next steps

All materials referenced in this program are linked below.


  • Chris Land, General Counsel, Senator Cynthia Lummis
  • Arjun Ghosh, Finance Counsel, Senator Kirsten Gillibrand
  • Alison Hashmall, Counsel, Debevoise & Plimpton
  • Gary Murphy, Counsel, Debevoise & Plimpton

Chris Land can be contacted at Chris_Land@lummis.senate.gov

Arjun Ghosh can be contacted at Arjun_Ghosh@gillibrand.senate.gov

The summary of the bill’s organization, referenced by Arjun Ghosh, can be found on Senator Gillibrand’s website here.


We would like to give a special thanks to our associate Jonathan Steinberg and legal assistant Allison Barone for their contributions to this webcast.


To subscribe to the Debevoise Fintech Blog, click here.



Alison M. Hashmall is a counsel in the firm’s New York office and a member of Debevoise's Banking Group. Ms. Hashmall’s practice focuses on advising domestic and non-U.S. banking organizations and other financial institutions on a wide range of bank regulatory, policy, and transactional matters and cryptocurrency-related issues. She can be reached at ahashmall@debevoise.com.


Gary Murphy is a counsel and a member of the firm’s Blockchain, Hedge Fund and Derivatives Practice Groups. He can be reached at gemurphy@debevoise.com.