Senators introduce bipartisan comprehensive bill to regulate cryptocurrencies

[discocrisco01]

Source: NBC News

WASHINGTON — The most comprehensive cryptocurrency legislation to date is being introduced Tuesday by a bipartisan pair of senators looking to establish a clear federal regulatory structure for digital assets.

Sens. Cynthia Lummis, R-Wyo., and Kirsten Gillibrand, D-N.Y. — authors of the Responsible Financial Innovation Act — say their goal is to make consumers more comfortable with a growing industry that is still foreign to many Americans.

“One of the problems is that nothing is properly defined,” Lummis, a fervent cryptocurrency supporter on Capitol Hill who owns bitcoin, said in an interview. “Our bill seeks to change that so more people become comfortable and can benefit from cryptocurrency.”

Read more: https://www.nbcnews.com/politics/congress/senators-introduce-bipartisan-comprehensive-bill-regulate-cryptocurren-rcna32245

[OneCrazyDiamond]

1. I am comfortable without cryptocurrency

In my portfolio. I hope those that are make lots of money. I do think the electricity required needs to be addressed if possible.

[AntiFascist]

12. Ethereum, being the most popular crypto alternative to bitcoin,...

is supposedly moving to a "proof-of-stake" algorithm soon. This will not require the intensive computation, and electricity, that "proof-of-work" algorithms require. The carbon footprint is expected to be reduced by 99.95%.

https://www.forbes.com/advisor/investing/cryptocurrency/ethereum-2/

[OneCrazyDiamond]

14. That would be good

If they achieve that. Their current system uses copious amounts of energy.

[AnrothElf]

2. Gillibrand once again shows her true colors

This is about legitimizing crypto scams so greater fools will keep pouring wealth into the pockets of the already wealthy.

The best possible outcome is a massive crash that completely destroys crypto forever

[Mawspam2]

3. Truer headline:

Senators heavily invested in cryptocurrencies intro Crypto Fraud Acceptance bill to lure unsuspecting Americans into believing all their losses will be covered by the Federal Government.

[OldBaldy1701E]

5. Yep! (n/t)

[paulkienitz]

4. these bipartisan pigfuckers are trying to normalize ponzi pyramids

Here's my proposed legislation: if you issue a currency, you are legally a bank and subject to the entire corpus of banking regulations.

[OldBaldy1701E]

7. Hear Hear! (n/t)

[summer_in_TX]

8. Brilliant!

[LudwigPastorius]

6. "(The bill's cosponsors) say their goal is to make consumers more comfortable...

with a growing industry"

Consumers SHOULD be uncomfortable with investing in cryptocurrency.

Putting some kind of government stamp of legitimacy on crypto (even if only by designating an agency to "regulate" it) will only lead to more people risking their money on it who have no business doing so.

[PSPS]

9. Fortunately, this has very little chance of passing or even being debated.

[paulkienitz]

10. the part about assigning one agency to have juristiction would be good to pass

depending on how bought the particular agency in question might be in any given year.

[AntiFascist]

13. No less than President Biden himself signed an executive order...

calling for "Ensuring Responsible Development of Digital Assets". This is likely why there are bipartisan senators doing this.

[pfitz59]

11. Just ban them

nothing but a Ponzi scheme