[HN Gopher] Lummis-Gillibrand Responsible Financial Innovation A...
       ___________________________________________________________________
        
       Lummis-Gillibrand Responsible Financial Innovation Act (S. 4356)
        
       Author : danso
       Score  : 14 points
       Date   : 2022-06-23 20:30 UTC (3 days ago)
        
 (HTM) web link (github.com)
 (TXT) w3m dump (github.com)
        
       | yieldcrv wrote:
       | Can anyone explain why this stuff isn't slipped into other must-
       | pass bills like other riders?
       | 
       | I really don't understand how the Crypto Caucus sucks at this.
       | 
       | You can slip anything into:
       | 
       | Budget Reconciliation Acts to prevent government shutdown
       | 
       | That new gun control bill
       | 
       | why is this easy for others to do and not for these guys to do?
       | 
       | Which SuperPac/campaign has to get supported?
        
       | Animats wrote:
       | This is the crypto lobbyists' wishlist.
       | 
       | "Proposed Federal Crypto Legislation Supported by Digital Asset
       | Ecosystem; Consumer Advocacy Groups Balk"[1]
       | 
       | Bad stuff:
       | 
       | * Creation of a digital asset self-regulatory agency by the CFTC
       | and SEC.
       | 
       | Self-regulation. Right.
       | 
       | * Grant the CFTC specific oversight of certain digital assets and
       | related markets. Escape from SEC jurisdiction. The CFTC isn't
       | that active, because few small investors speculate in
       | commodities. The SEC just doubled the size of their "cyber
       | enforcement unit", and they bring the hammer down on about two
       | scams a month.
       | 
       | * Exclusion from gross income of up to $200 (per transaction)
       | when virtual currency is used by taxpayers to pay for goods or
       | services.
       | 
       | Smurfing.
       | 
       | "The legislation is unlikely to advance in Congress this year" -
       | law firm commenting.
       | 
       | [1] https://www.bakerlaw.com/alerts/proposed-federal-crypto-
       | legi...
        
         | rufusroflpunch wrote:
         | Smurfing? If I take you're meaning correctly, that is not what
         | is happening here. You cannot make multiple small transactions
         | to make up one larger transaction. It specifically disallows it
         | in the bill.
         | 
         | This really is about encouraging it's use as a currency.
        
       | verdverm wrote:
       | Reading the issues reminds me of reddit.
       | 
       | What is interesting about some anonymous account posting the text
       | of a US bill to GitHub? (i.e why is the HN worthy?)
        
         | randomhodler84 wrote:
         | It's not an anonymous account, I believe it is Senator Cynthia
         | Lummis (team?) soliciting opinions via GitHub PR. It's a pity
         | more people are not taking the experiment seriously.
        
           | nojito wrote:
           | Why would anyone take the internet seriously?
        
       ___________________________________________________________________
       (page generated 2022-06-26 23:01 UTC)