If this isn't bullish, then I don't know what is! U.S. Senator Lummis bill integrating crypto into financial system to be unveiled this week Justinas Baltrusaitis13 hours ago 3 mins read The first United States draft bill on cryptocurrencies is set to be unveiled in Congress by Bitcoin-friendly Wyoming Senator Cynthia Lummis this week. The bill, which is expected to be presented on Tuesday, will clarify various elements of crypto regulations alongside identifying the correct classification of digital assets, Politico reported on June 6. Senator Lummis confirmed the bill’s readiness through her Twitter account on June 3 while noting that if integrated into law, cryptocurrencies will formally become part of the financial system. “We’ve been teasing it for months, but the time is almost here – a proposal to fully integrate digital assets into our financial system. Excited to finally unveil this effort next week. Stay tuned,” said Lummis. Crypto bill sparks lobbying efforts Notably, Lummis and her co-sponsor, New York senator Kirsten Gillibrand have been teasing about the bill for months through various events and media appearances. Interestingly, the bill has been cited as a critical driver for lobbying efforts by several crypto sector executives. Related English Premier League ventures into NFTs and the metaverse with trademark filingsBlockchain Association argues New York mining ban won’t ‘reduce carbon emissions’Binance used to launder over $2.3 billion in illicit funds, investigation shows Additionally, aides to Lummis and Gillibrand have received numerous suggestions on what to include in the bill from the leading crypto startups. Most of the suggestions are reportedly based on crypto exchange regulation and tax policies. In the wake of President Joe Biden signing an Executive Order calling on federal agencies to explore the development of cryptocurrencies in March, the Congresswomen also hinted that the bill’s content was almost ready. The Lummis draft crypto bill: Potential clash with the SEC Among the suggestions from the draft bill is the establishment of a self-regulatory organization. However, the proposal is likely to set off clashes considering that the Securities and Exchange Commission (SEC) has maintained that most digital assets potentially fall under the agency’s jurisdiction. Notably, some crypto executives are pushing to branch away from the SEC. As hinted by the lawmakers, another potential proposal from the bill seeks to exempt Bitcoin miners from rules covering financial brokerage firms. At the same time, the bill aims to give the Commodity Futures Trading Commission (CFTC) extra powers to oversee crypto markets. As reported by Finbold, elements such as consumer protections, stablecoin regulation, and the establishment of a new organization will be managed by the combined authority of SEC and CFTC. Calls to regulate cryptocurrencies in the United States have accelerated in recent months after the Terra ecosystem crash. Alongside the draft bill by Lummis, the White House has also commissioned research to look into Bitcoin mining. Elsewhere, the Federal Reserve has also called for crypto regulation. The institution’s governor Christopher Waller noted that widespread crypto losses could become morally intolerable if something is not done now.
Fantastic. Lets make Bitcoin totally legit. And make the price $1 each The money made from crypto is blood money.
It'll never happen Sorry bud, with Bitcoin becoming even more legal it will do anything but become a dollar. In fact it will do the opposite, gain even more value. 1 Bitcoin will soon be able to not only just buy a car, but it will buy houses, mansions, Ferraris, Lambos, millions of acres of property. And unlike USD, there will not be any more printed. In fact, there will be the opposite, people will always lose wallet keys so supplies will get even lower mean the only place for Bitcoin to go is UP. So sorry you won't be seeing Bitcoin lose, I know your just a miserable old man that wants to see crypto investors lose money. But that definitely won't happen in this lifetime, and definitely not in your lifetime. How old are you? 100? I think at this point you should be more concerned with finding a nursing home to live in instead of spending your time in a crypto forum arguing with investors.
1. The de minimis exception for CG tax on crypto transactions is a very tough sell. No such exception exists for any capital asset. The pushback from the established financial industry will be huge. 2. Bitcoin miners are the equivalent of dealers, not traders or investors. No way they should get CG treatment at disposition for mined Bitcoin. It is ordinary income when mined. Contrary to Dennis P’s assertion, there is nothing unfair or illegal about this treatment. This proposal has a snowball’s chance in hell of passing. Bitcoin miners are just wasting their lobbying money. 3. The “right” to self-custody is a weird one. Dennis P says this is the most important part of the bill and that gold ultimately failed because people were forced to hold gold in banks by decree. I don’t recall in my study of history that people were disallowed self-custody of gold when it was legal to own gold. How does the bill “enshrine into law the right for Bitcoin holders to self-custody their Bitcoin”? Is there any kind of legal protection against government confiscating people’s Bitcoin if it wants to? In any case, regardless of the eventual regulatory framework and specific regulations that get implemented, two things are certain: 1. There will be too many cooks in the kitchen offering input and the final product will leave a bad taste in your mouth. 2. Regulations will increase the cost of doing business at all levels, from direct transaction costs paid by end users to compliance costs incurred by entities that make up the system. Another thing to consider is that once crypto products get legally pidgeonholed, regulated and brought into the existing financial system, the pipe dreams built upon them as a disruptor of the status quo will fade into distant memory. That is, the price will no longer include a hope-for-a-better-world premium. P.S. From the article it appears that Senator Lummis wants Bitcoin to be treated as digital gold. I wonder how the Dollar Doomers feel about that prospect.