Lawmakers introduce a new US Senate bill proposing that bitcoin transactions under $200 be tax-free. The bill will pave the way for a cryptocurrency that functions more like money.
Two US federal lawmakers have released the first full draft of their long-awaited crypto bill, which will establish regulations for digital assets.
Senators Cynthia Lummis and Kirsten Gillibrand have put forward their cryptocurrency bill, tagged the Responsible Financial Innovation Act.
The wide-ranging legislative proposal governing an equally large spectrum of digital assets was released on Tuesday. This comes at a turbulent period for the cryptocurrency market, which has seen the value of cryptocurrencies such as UST and LUNA plummet.
The bipartisan crypto bill in the United States lays out broad ideas for future duties, including a preference for the Commodity Futures Trading Commission (CFTC) as a watchdog. Additionally, the measure encourages digital asset companies to be more transparent in their approach practices so that users can make the right decisions.
Furthermore, the bill proposes that all crypto-purchased products and services with a value of less than $200 be tax-free. In addition, Gillibrand and Lummis’ bill calls for a thorough investigation of the energy consumption of cryptocurrencies.
The proposed crypto bill would act as a regulatory overhaul and a framework for crypto governance. It would also categorize most digital assets as commodities, like oil, wheat, or steel. In addition, the CFTC will have complete control over these digital assets. Contrary to popular belief, the Securities and Exchange Commission (SEC) should have the authority to oversee regulations.
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