US Senators' proposed crypto bill doesn't give a hoot about home mining rigs
US Senators Lummis and Gillbrand have introduced a potential bill for the regulation of the ever-growing cryptocurrency industry: the Bipartisan Responsible Financial Innovation Act.
The bill focuses on(opens in new tab) «Flexibility, innovation, transparency and consumer protections in order to integrate digital assets into existing law and provide certainty to the growing industry.» The purpose of the bill seems to be, then, to simultaneously reign in the decentralised industry, while creating greater protection for consumers and safeguarding the innovation of the digital asset market.
It addresses both Stablecoin Regulation and Tax Treatment Of Digital Assets, among other things. Not only does the bill suggests definitions for crypto related concepts—i.e. digital assets, payment stablecoins, etc.—it also outlines potential regulations around the trading of cryptocurrencies, and how crypto businesses are defined.
Basically, its aim is not to stifle the evolution of the crypto market, but you can be damn sure the US Government is going to take its fair share of taxes.
That said, there's a proposed «De Minimis Exclusion of up to $200 per transaction» when digital currency is used to pay for goods and services, «under specified conditions.» Translated literally from the puffed out Latin version of 'De minimis,' it means "the law does not concern itself with trifles(opens in new tab)," which is my new favourite way of saying «I'll leave that to you.»
What it all means is, if you're only mining or trading a pittance of digital coinage, the US Government won't give a hoot.
Of course, it's the bigger fish the law is interested in. The bill makes sure to give a mention to the specification that Decentralized Autonomous
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