The bill comes at a tumultuous time for cryptocurrencies, including the May meltdown of the terraUSD stablecoin and luna, the coin meant to buy and sell assets, which traded at a value of less than one ten-thousandth of 1 cent. The legislation imposes disclosure requirements on digital asset firms to ensure that consumers can make informed decisions, delineates agency responsibilities over various digital assets - such as Commodity Futures Trading Commission jurisdiction over bitcoin - and requires a study on digital asset energy consumption, among many other proposals. Lummis has been a vocal advocate for cryptocurrency development and has invested between $150,002 and $350,000 in bitcoin, according to her financial disclosure.
Stablecoins are a type of cryptocurrency pegged to a specific value, usually the U.S. 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 an emailed statement. 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, which has not been done. The bill also comes as advocates for cryptocurrency have become bigger - and more free-spending - players in Washington.
Kirsten Gillibrand, D-N.Y., and Cynthia Lummis, R-Wyo., can clear Congress, especially at a time of heightened partisanship ahead of midterm elections. It’s unclear, though, whether the bill proposed by Sens.
#Oversight ap gov series
WASHINGTON (AP) - Wide-ranging bipartisan legislation unveiled Tuesday would regulate cryptocurrencies and other digital assets following a series of high-profile busts and failures.
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