Republican Senator Cynthia Lummis and Kirsten Gillibrand, one of the biggest Bitcoin (BTC) supporters in the committee, presented the bill that will integrate digital assets into the financial system.
According to the draft law published on June 7; under $200 purchased using cryptocurrencies, provided that products and services are tax free will be. Cryptocurrencies on spot markets US Commodity Futures Trading Commission to monitor the impact (CFTC) will be commissioned.
Also by the CFTC in the event that many cryptocurrency bills pass. regulated commodities will be referred to as
After the TerraUSD collapse, many people’s trust in stablecoins decreased, the senators stated that they followed the crypto money market very closely. from stablecoin issuers reserves and holdings detailed description of will want. In addition, it will be required to hold assets that qualify as high quality and to provide sufficient liquidity.
Senator Lummis stated that the announced bill will affect the digital asset markets. will provide clarity for auditing bodies. and for stablecoins will create a regulatory framework told.
According to senators, users who are victims if crypto exchanges go bankrupt thanks to the crypto money bill. legal clarity of what will happen will win.
Cryptocurrency miners produce converting crypto into fiat money will be exempt from income tax.