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(Please note that this article is not professional investment advice.
It is an attempt to educate the investor on all developments in the financial world.
If the investor chooses to make an investment decision after reading this article, he does so based on his own judgement.)
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U.S senators Kristen Gillibrand and Cynthia Lummis have decided to play a vital role in regulating the crypto industry with their new piece of bipartisan legislation.
Called the Responsible Financial Innovation Act, the bill – if passed into law – will create a comprehensive regulatory framework for the digital asset market.
The efforts to create this bipartisan piece of proposed law was first announced in March 2022.
The partnership between the senators is beneficial because of the committees they are assigned to.
Senator Gillibrand serves on the agricultural committee, which provides oversight over the CFTC (Commodity Futures Trading Commission) and Senator Lummis serves on the banking committee, which has oversight over the SEC (U.S Securities and Exchange Commission.)
Here’s a summary of select provisions contained in the Responsible Financial Innovation Act,
You can find the full list of provisions in this link.
Efforts to publicize the bill
From the beginning, Gillibrand and Lummis have appeared at key events to promote the bill.
Senator Gillibrand and Senator Lummis were present at a Grayscale-sponsored politico live event to announce Gillibrand’s engagement on the bill.
Other events include Lummis’s attendance at Bitcoin Miami in April; Gillibrand’s and Lummis’s presence at an event organized by Chamber of Digital Commerce; and their presence in a Washington Post Live event.
What changes will U.S investors see if the bill is passed into law?
According to current U.S law, stakers and miners have to pay taxes on rewards such as income, regardless of if the tokens were sold or traded.
Income generated by digital asset mining and staking “shall not be included in the gross income of the taxpayer” until the taxpayer sells or trades the assets, the bill says.
This bill, if passed, Gordon said, would create a strong incentive to bring miners and stakers to the US.
Will the bill go through?
While the bill is supported by many crypto-advocates and holds the promise of granting legitimacy to the crypto-industry, there are some roadblocks to its introduction.
In the recent wake of big losses in the crypto market (Bitcoin is down 30.74% across the last 30 days), there is skepticism about the ability of digital assets to be stable enough to be bought by the common investor.
In addition to the crypto-market plunge, senators of the U.S government are currently campaigning for the midterm elections in November, taking away any possible consideration for the bill this year.
Furthermore, there is still opposition to the crypto industry within the senate.
One of the notable senators opposed to the nascent asset class is Senate Banking Committee Chairman Sherrod Brown.
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