U.S. Senators Officially Release Crypto Bill

U.S. Senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (DN.Y.) have released a crypto bill that would exempt all transactions under $200 from taxation, which would free small purchases of goods and services from the tax implications. Meanwhile, the CFTC will replace the SEC as the primary regulator of cryptocurrencies. It is reported that crypto operations watched by the CFTC would – under this legislation – have to start paying fees to fund the agency, akin to the model that now supports the SEC. The Lummis-Gillibrand bill is the first bipartisan attempt to create a comprehensive regulatory framework for digital assets in the United States.