WASHINGTON—Two senators have unveiled a wide-ranging legislative proposal to regulate cryptocurrencies and other digital assets.
“It’s unclear, though, whether the bill proposed by Senators Kirsten Gillibrand (D-NY) and Cynthia Lummis (R-WY) can clear the hurdles of Congress, especially at a time of heightened partisanship ahead of midterm elections,” Financial Express stated in its analysis. “The bill also comes as advocates for cryptocurrency have become bigger – and more free-spending – players in Washington.”
The bill, called the Responsible Financial Innovation Act, proposes legal definitions of digital assets and virtual currencies; would require the IRS to adopt guidance on merchant acceptance of digital assets and charitable contributions, and would make a distinction between digital assets that are commodities or securities, Financial Express reported.
The bill “creates regulatory clarity for agencies charged with supervising digital asset markets, provides a strong, tailored regulatory framework for stablecoins, and integrates digital assets into our existing tax and banking laws,” Lummis said in a statement to Financial Express.
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