Now, every interested user has a chance to make their mark on a cryptocurrency bill that could define industry guidelines in the United States in the near future – the Responsible Financial Innovation Act (RFIA). The document has been uploaded to GitHub, a platform filled with software and product experts and its co-authors for public feedback.

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Wednesday, June 22, Senators Cynthia Lummis and Kirsten Gillibrand loaded See the full contents of the Responsible Financial Innovation Act on GitHub. As Lummis commented:

“Senators are soliciting comments from industry stakeholders, consumers, and stakeholders to ensure that this landmark law reflects the innovative nature of the industry it regulates, while also increasing confidence, trust, and stability for consumers.”

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At the time of publication, there are six comments available on the act’s page, some of which are more of a lonely battle cry (“Taxation is theft”), while others suggest controversial edits to the document.

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A user named Stduey explains why Bitcoin is different and should not be included as a risky “asset” due to its “absolute rarity”. In his opinion, this speaks in favor of a completely separate Bitcoin account:

“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 yet fathom the magnitude of this, but this subtle difference is what sets Bitcoin apart from every other cryptocurrency, fiat, precious metal, and commodity.”

Another commenter, savage1r, elaborates on the inconsistency of the current structure regarding airdrops – it links the taxable value of the coins to their entry price, which can be significantly higher than at the withdrawal stage:

“Airdrop recipients only have to pay short-term or long-term taxes on the coins they cash out, assuming an initial value of $0, because they don’t realize profits until they trade or sell.”

Lummis-Gillibrand Cryptocurrency Bill Comprehensive but Still Creates Divide

The long awaited RFIA has been introduced in the US Senate on June 7. There is a broad consensus in the community that the bill is cryptocurrency-friendly.