The Responsible Financial Innovation Act introduced by Democrat senator Kirsten Gillibrand and Republican senator Cynthia Lummis is up for public opinion. After the crypto bill was introduced earlier this month, there were mixed reactions on whether it would benefit the space in the long run.
Industry’s Thoughts On Crypto Bill
The bill caused concerns on the possibility of a majority of altcoins coming under the SEC’s ambit. Meanwhile, the senators are calling for inputs from the community.
Senator Lummis had on Wednesday tweeted seeking constructive thoughts on the crypto legislation.
“The digital asset industry was built by individuals and will continue to be sustained by individuals. That is why Senator Gillibrand and I want input from the grassroots. If you have constructive thoughts on our legislation, make your voice heard on GitHub.”
Few of the responders so far sought to differentiate Bitcoin from the rest of the digital assets industry. In fact, one user felt Bitcoin should have a bill of its own.
Bitcoin Needs Separate Bill
All of the other currencies or assets have risk associated that does not exist with Bitcoin, explained one user Stduey. He added that despite its close correlation with altcoin prices, Bitcoin is free of the risk factor and vulnerability.
Another crypto enthusiast said Bitcoin is the only digital asset and that everything else is an unregistered security. “Government needs to be 100% separated from the issuance and regulation of money.”
Referring to the famous whitepaper on Bitcoin, an individual Motdotla said Bitcoin should not be treated as a taxable asset. The paper ‘Bitcoin: The Peer-to-Peer Electronic Cash System’ was written by Satoshi Nakamoto. It describes Bitcoin as a peer-to-peer version of electronic cash for online payments without going through a financial institution.
The bill proposes to introduce strict regulatory requirements on crypto companies. It calls for ensuring that the scope of permissible transactions undertaken with customer digital assets is disclosed clearly in a customer agreement.
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