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Proposed Gillibrand-Lummis crypto Bill uploaded to GitHub for recommendations

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The proposed Responsible Financial Innovation (RFIA) Bill was uploaded to github for the crypto community to give their recommendations on the bill.

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In a tweet from Senator Cynthia Lummis, one of two bipartisan senators in charge of the bill, the decision to update it on GitHub is to get public opinion on the bill.

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According to a press statement from the senator’s office, the bill requires comment from industry stakeholders to properly reflect innovation in the space.

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Bipartisan has proposed classifying Bitcoin and Ethereum as commodities, while other altcoins should be labeled as securities. The bill also proposes that the Commodity Futures Trading Commission be given the task of regulating the industry.

However, the bill has faced criticism from the community due to the general classification of other crypto assets as securities, with some arguing that bitcoin should be considered separate from other digital assets.

The crypto community makes recommendations

At the time of publication, there were only nine comments on the bill, with most of them being constructive recommendations.

One of the comments calls for a separate bitcoin bill that is different from the cryptocurrency bill. Stdui explained that Bitcoin is different from other risky assets, although the current downturn in the market may give the impression that they are the same.

According to him,

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. absolute deficit. No one else has this feature.

Another recommendation to the bill was made by Asherhoppwho said the legislation should include language that would restrict the Federal Reserve from creating unlimited CBDCs, just like fiat currencies are minted.

He added that the bill should force the Fed to add cryptocurrency to its balance sheet, apply tariffs to the digital yuan, and ban any CBDC.

One of the recommendations dealt with the topic of airdrops and unrealized earnings.

According to recommendation,

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

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