When Sen. Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) introduced their bipartisan Responsible Financial Innovation Act at the start of June, it was widely seen as as policy that would undercut the U.S. Securities and Exchange Commission’s  jurisdiction over crypto.

But Lummis doesn’t think the SEC stands to lose much oversight in her proposed crypto regulatory framework.

“I really don’t think that the SEC is going to lose regulatory control, I think they’ll retain it when [the digital assets] are investment contracts,” she told Decrypt on the latest episode of the gm podcast. “I think you’ll have situations, under our definitions of ancillary assets, where you’ll have a digital asset, say Bitcoin, that is the underlying asset that is regulated by the CFTC, but the investment contract in which it is contained is itself regulated by the SEC.”

The bill’s investment contract definition, itself pulled from the Securities Act of 1933, would leave the CFTC to regulate Bitcoin and Ethereum. The SEC would oversee the vehicles for investing in those assets, like any exchange-traded funds (ETFs).

Citing the ’33 act in the bill is a significant detail. It’s widely believed to be the most viable path forward for a Bitcoin spot ETF.

The SEC has already approved several Bitcoin futures ETFs under the Investment Company Act of 1940, saying it offers certain investor protections not covered by the 1933 act. But when the commission approved the Teucrium Bitcoin Futures Fund under the ’33 act in April, it renewed hope for a spot ETF.

Grayscale CEO Michael Sonnenshein moved…

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