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GitHub users react to US Senators Gillibrand and Lummis' bill calling for Bitcoin law

 


Interested users now have the opportunity to contribute to a crypto bill that could soon guide the industry in the United States: the Responsible Financial Innovation Act (RFIA). In German, this means something like the "Law on Responsible Financial Innovation".


On Wednesday , US Senators Cynthia Lummis and Kirsten Gillibrand uploaded the full Responsible Financial Innovation Act (RFIA) to GitHub. This is a popular platform for software professionals. Here the senators want to get feedback from the public. Lummis representatives commented:


"Senators are inviting comments from industry, consumers and interested parties to ensure that this landmark law reflects the innovative nature of the industry it is designed to regulate while instilling confidence and stability for consumers."

At the time of writing, there have only been a handful of comments on the proposed legislation's page. Some of them don't say much ("Taxes are theft!"). Others suggest questionable changes to the document.


GitHub user "Studuey" explains why Bitcoin is different and should not be counted as a risky asset due to its "absolute scarcity". He advocates a separate law for Bitcoin:


"If you buy 5,000 satoshis for $1, you have 5,000/2.1 trillion satoshis forever and nobody can change that. People can't grasp the scale yet, but that small difference is what sets Bitcoin apart other cryptocurrencies, fiat, precious metals and commodities."

In another GitHub comment, "savage1r" talks about the inconsistency of the current framework regarding airdrops. The taxable value of coins is determined based on the entry price, which can be significantly higher than in the payout phase:


"Airdrop recipients should only have to pay short- or long-term taxes on the one they cash out, assuming the initial value is $0, because they don't realize the profits until they trade or sell."

The much-anticipated RFIA was introduced in the US Senate on June 7th. There is a broad consensus in the community that the draft law is beneficial for cryptocurrencies.

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