A wide-reaching, bipartisan crypto bill finally emerged Tuesday from U.S. Senators Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.), who are seeking to extend a comprehensive set of regulations across digital assets in the U.S. and have given industry lobbyists something meaty to debate.
Their bill would liberate small-scale purchases of goods and services from the mire of tax implications by making it all tax-free on transactions less than $200 – potentially clearing a path for a cryptocurrency that acts more like a currency. And, as expected, the legislation would grant new powers and a commanding presence to the Commodity Futures Trading Commission.