Now, every interested user has the opportunity to leave their mark on a crypto invoice that could set industry guidelines in the United States in the near future, the Responsible Financial Innovation Act (RFIA). The document was uploaded to GitHub, a platform populated by software and product experts, by its co-sponsors for public comment.
On Wednesday, June 22, Senators Cynthia Lummis and Kirsten Gillibrand uploaded the full contents of their Responsible Financial Innovation Act to GitHub. As Lummis representatives commented:
“Senators are seeking input from industry, consumer and interested parties to ensure that this landmark legislation reflects the innovative nature of the industry it regulates, while adding trust, consumer confidence and stability.”
As of press time, six comments are available on the deed’s page, some of them more of a solitary battle cry (“Taxation is theft”), while others suggest questionable changes to the document.
A user called Stduey explains why Bitcoin is different and shouldn’t be included with “risky assets” due to its “absolute scarcity” characteristic. In his view, this argues for an absolutely separate bill for Bitcoin:
“If you buy 5,000 satoshis for $1, you will have 5,000/2.1 quadrillion satoshis, forever, and no one can change that. People may not yet understand the magnitude of this, but this subtle difference is what separates Bitcoin from all other crypto, fiat, precious metals and commodities.
Another commenter, savage1r, explains the inconsistency of the current framework when it comes to airdrops – it ties the taxable value of the coins to its entry price, which could be significantly higher than at the withdrawal phase:
“Airdrop receivers should only have to pay short-term or long-term taxes on the coins they cash in assuming the initial value is $0, because they don’t realize the earnings until they redeem not or do not sell.”
Related: Lummis-Gillibrand Crypto Bill Complete But Still Divisive
The highly anticipated RFIA was presented to the US Senate on June 7. There is a broad consensus within the community that the bill is crypto-friendly.