Proposed Gillibrand-Lummis crypto Bill uploaded to GitHub for recommendations
The proposed Responsible Financial Innovation Act (RFIA) bill Upload to GitHub For the crypto community to provide recommendations on the bill.
In a Twitter post by Senator Cynthia Lummis, one of the two bipartisan senators responsible for the bill, the decision to update it on GitHub is to get grassroots opinion on the bill.
Pourvous! As promised, I can now post comments on my bill to establish a framework for digital assets. @SenGillibrand Via GitHub. We welcome public comments and criticisms. Please share it widely. I want to get this right. Please help me repeat the policy publicly. https://t.co/1eOb6jfKaA
— Cynthia Lumis 🦬 (@CynthiaMLummis) June 22, 2022
According to a press statement from the Senator’s office, the bill seeks comments from industry stakeholders to better reflect space innovation.
Bipartisan suggested classifying Bitcoin and Ethereum as commodities and other altcoins as securities. The bill also suggested that the Commodity Futures Trading Commission should be entrusted with industry regulation.
However, the bill faces criticism from the community for its comprehensive classification of other crypto assets as securities. Some argue that Bitcoin needs to be considered separately from other digital assets.
The crypto community makes recommendations
At the time of pressing, 9 comments Most of them are constructive recommendations.
One of the comments requested a different Bitcoin bill than the crypto bill. Stduey He explained that Bitcoin is different from other risky assets, although both may feel the same due to the current market downturn.
In his words
If you buy 5,000 Satoshi for $ 1, 5,000 / 2.1 trillion Satoshi will remain forever and no one can change it. People still don’t understand how big this is, but this subtle difference distinguishes Bitcoin from all other cryptocurrencies, fiat money, precious metals, and commodities. Absolute rarity. No other has this feature.
Another recommendation of the bill was made by AsherhoppHe said the bill should include wording that would limit the Federal Reserve’s creation of an unlimited CBDC, just as fiat currencies would be created.
He added that the bill should add cryptography to its balance sheet to the Federal Reserve, apply tariffs on digital sources, and force it to ban the CBDC.
One of the recommendations that touched on the subject of airdrops and unrealized benefits.
according to recommendation,
Airdrop receivers don’t make a profit until you trade or sell, so you only have to pay short-term or long-term taxes on the cashed out coins, assuming an initial value of $ 0.
