Home News Cryptocurrency GitHub Users Respond With “Bitcoin Bill” to Gillibrand-Lummis Proposal

GitHub Users Respond With “Bitcoin Bill” to Gillibrand-Lummis Proposal

GitHub Users Respond With “Bitcoin Bill” to Gillibrand-Lummis Proposal

Now all interested users have the opportunity to put their grain of sand in a bill on cryptocurrencies that could define the guidelines of the sector in the United States in the near future, the Responsible Financial Innovation Act (RFIA, for its acronym in English). ). The document was uploaded to GitHub, a platform populated by software and product experts, by its co-sponsors to get public input.

On Wednesday, June 22, Senators Cynthia Lummis and Kirsten Gillibrand uploaded the full content of their Responsible Finance Innovation Act to GitHub. As Lummis representatives commented:

“The senators are seeking input from industry participants, consumers and stakeholders to ensure this landmark legislation reflects the innovative nature of the industry it regulates, while adding confidence, security and stability for consumers.”

At press time, six comments were available on the bill’s page, some of which were more of a lonely war cry (“Taxes are theft“), while others suggested debatable changes to the document.

A user named Stduey explains why Bitcoin is different and should not be included with risky “assets” due to its “absolute scarcity” characteristic. In his opinion, this justifies an absolutely separate bill for Bitcoin:

“If you buy 5,000 satoshis for $1, you will have 5,000/2.1 quadrillion satoshis, forever, and no one can change that. People can’t understand the magnitude of this yet, but this subtle difference is what separates Bitcoin from any other cryptocurrency, currency, precious metal and merchandise”.

another commenter, savage1r, delves into the inconsistency of the current framework when it comes to airdrops: links the taxable value of coins to their entry price, which could be significantly higher than in the sale phase:

“Airdrop recipients should only pay short-term or long-term taxes on the coins they sell assuming the initial value is $0, because they don’t make a profit until they trade or sell them.”

The long-awaited RFIA was introduced in the US Senate on June 7. There is a broad consensus among the community that the bill is in favor of cryptocurrencies.

Read:  Ottawa, Ukraine and beyond

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