The senators seek comments from industry stakeholders, consumers and interested parties.
Now every interested user has a chance to leave their mark on a crypto bill that could define the industry guidelines in the United States in the near future, the Responsible Financial Innovation Act (RFIA). The document was uploaded on GitHub, a platform populated by software and product experts, by its co-sponsors to get public feedback.
On Wednesday, June 22, Senators Cynthia Lummis and Kirsten Gillibrand uploaded the full content of their Responsible Financial Innovation Act on GitHub. As Lummis’ representatives commented:
By the press time, there are six commentaries available on the act page, with some of them being more of a solitary battle-cry (“Taxation is theft”), while others suggesting debatable edits to the document.
A user called Stduey explains why Bitcoin is different and should not be included with risky “assets” due to its “absolute scarcity” feature. In his opinion, that makes a case for an absolutely separate bill for Bitcoin:
Another commentator, savage1r, elaborates on the inconsistency of the current framework in regard to airdrops — it ties the taxable value of coins to its entry price, which might be significantly higher than at the cash-out phase:
The highly awaited RFIA was introduced in the U.S. Senate on June 7. There is a broad consensus among the community that the bill is favorable to crypto.