Crypto Bill Outlining Sweeping Plan for Future Rules Introduced By US Senators

The much-awaited bipartisan crypto bill finally comes into existence. The crypto bill was unveiled by U.S. Sens. Cynthia Lummis (R-Wyo.), and Kirsten Gillibrand (D-N.Y.) on Tuesday, reports the CNBC. The latest bill envisages incorporating wide-ranging regulations for all forms of digital assets in the US. It will also provide an avenue for initiating a comprehensive debate among all the major players in the crypto sector.   

Crypto Bill Seeks to Exclude Small Purchases

The crypto bill also seeks to exclude small-scale purchases of goods and services of less than $200 tax-free from the labyrinth of tax implications. It will free the cryptocurrency, which acts more like a currency. However, the bill will grant wide-ranging powers to the Commodity Futures Trading Commission.

Crypto Bill Sees To Bring New Federal Laws

U.S. Sens. Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.)
Cryptocurrency sector growth has been hampered by a fair degree of uncertainties. For the first time, a bill seeks to answer a wide range of questions associated with the fledgling industry. The bill also seeks to bring into force a set of new federal laws for stablecoins, taxes on small-scale payments, and the jurisdiction of regulators.

The latest initiative by Lummis and Gillibrand is seen only as the beginning of a dialogue, and it is not going to have a big impact before next year. It is one more bill in the long list of previous bills, which was more of a knee-jerk reflex such as the latest bill for stable coin rules by Sen. Pat Toomey (R-Pa.).

The Crypto Bill Has A Lot Of Distance To Cover

The crypto bill has a lot of distance to cover and includes congressional committees’ long and tedious path in the next session. Since Lummis is present on the Senate Banking Committee that runs the Securities and Exchange Commission and Gillibrand holds a spot on the Agriculture Committee which regulates the commodities and the CFTC, the bill is expected to have a smooth passage and will become a reality, reports the CNBC.