Analysis: Here is What the New Crypto Bill Mean for the Blockchain Ecosystem?
Proponents of the cryptocurrency industry have been requesting a comprehensive crypto bill for some time. Thanks to the bipartisan efforts of Senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.), there are proposals on the ground for lawmakers to ponder.
The new Crypto Bill is coming at a time when the growth of the cryptocurrency ecosystem is becoming more convoluted, with investors’ protection concerns emanating from various scams and frauds targeting the average investor. The Bill seeks to address so many of the grey areas in the digital currency ecosystem, including taxation, regulatory oversight, and the role of stablecoins, to mention a few.
The new crypto bill, if approved, will set the U.S. on a clearer pedestal with respect to dealings with digital assets, which have largely come to stay.
Chris Terry, BPSAA Board Member and V.P. Enterprise Solutions at SmartFi spoke to Blockchain.News that he believes if this Bill passed as is it would be wonderful for the crypto industry and would clearly set the United States in a leadership position.
“What is interesting about the 'Lummis-Gillibrand Responsible Financial Innovation Act; are the things that most of the press is not talking about, like Section 505 — your right to own your own keys or Section 502 Definition of Source code. They discuss Defi in Section 805 and even the Digital Yuan in Section 603. This shows that these two Senators have a deep knowledge of cryptocurrency and blockchain technology. Quite honestly I was very impressed with the Bill. The challenge will be getting the rest of Congress to act on it. "
Highlights of the Crypto Bill
Described as a “landmark bill” by Sen Gillibrand, the crypto bill has a number of features, including its
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