Last week, on July 7, two senators, Cynthia M. Lummis (Republican, Wyoming) and Kirsten E. Gillibrand (Democrat, New York), introduced legislation to regulate digital assets.
- This initiative can be seen as a milestone; America is lagging behind internationally in terms of crypto regulation. With this bill, a concrete step forward is finally being made, and the bull is being taken by the horns
- It is a bi-partisan bill, sponsored by 2 female leaders of the otherwise so hostile camps Republicans vs. Democrats. Hence, chances to eventually be enacted are intact from the outset.
- It has global appeal, also towards liberal states like the EU states with their MiCA project and crypto hubs like Switzerland and Liechtenstein, which have already regulated the sector as first movers
- The bill follows a rather liberal than restrictive, or even prohibitive, regulatory approach, leaving the industry and society room to breathe and explore
- The bill covers the most important aspects of the crypto / digital assets space, including Stablecoins, energy / sustainability questions, and paves the way towards a more crypto-friendly regulation by giving the CFTC (and not the SEC) more regulatory power, ...
- ... and it also comes up with some surprises, like
- a tax allowance of USD 200 to pay small amounts via crypto and without IRS filing,
- the proposal to evaluate if employees should be allowed to invest parts of their retirement accounts in crypto,
- and the regulation of DAOs
The bill can be assessed here
More specifics on the bill and its effect will follow shortly here ...
Exiting times, more to come, stay tuned ...