Us senators from both parties have released a new bill to regulate encryption

06/07 09:35

According to Decrypt today, U.S. Senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (DN.Y.) released their long-awaited encryption bill, which will pass a full tax exemption for transactions under $200, Freeing small purchases of goods and services from tax impact. The strategy benefits the CFTC as a regulator and eliminates tax concerns about using cryptocurrencies to buy goods. The Lummis-Gillibrand bill is the first bipartisan attempt to establish a comprehensive regulatory framework for digital assets. The bill stands almost no chance of passing in the current Congress. But it is expected to gain new momentum in 2023 following the November mid-term elections, and to frame the contours of future crypto policy.
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