Sens. Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) introduced the Responsible Financial Innovation Act on Tuesday. The law tries to strike a compromise between protecting consumers and preserving digital asset innovation. Most crucially, practically all digital assets, including Bitcoin, should be legally classified as tax-favored commodities.
Senators that support cryptocurrency propose a radical bill.
Senator Lummis is a crypto-friendly senator best known for her role in the controversial $1.2 trillion infrastructure bill’s Wyden-Lummis-Toomey amendment. Despite the fact that the amendment failed, the positive broker clarification is included in the 69-page law once more.
Sen. Lummis, therefore, has a personal stake in the issue, as she is projected to own between $100k and $250k in Bitcoin, according to financial filings from 2022. Despite the fact that the proposed bill is nonpartisan, it is unlikely to pass in the current Democratic-controlled Senate.
Nonetheless, because of its comprehensive character, Lummis-method Gillibrand’s for breaking the Gordian knot of crypto categorization is worth highlighting.
