4 ms·

Lummis-Gillibrand Responsible Financial Innovation Act (S. 4356)

21 points by danso 4y ago

verdverm 4y ago
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 4y ago
  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 4y ago
    Why would anyone take the internet seriously?
Animats 4y ago
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-legislation-supported-by-digital-asset-ecosystem-consumer-advocacy-groups-balk https://www.bakerlaw.com/alerts/proposed-federal-crypto-legi...
- rufusroflpunch 4y ago
  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.
  - jsmith45 4y ago
    Agreed. I'm not a fan of most cryptocurrency related nonsense, but right now, if I hypothetically wanted to buy something from a vendor that only offers purchases via crypto the following applies: I buy the crypto from an exchange or similar. Then I go to the vendor and buy the product. Then at tax time I need to look up what the price of the cyrpto was at the time I bought something with it, and pair it with the purchase in my records, so that I can claim capital gains or losses. With how volatile crypto is, these numbers will not reliably be "de minimis", and thus must be calculated for tax purposes. Not needing to do proper book keeping for such purchases makes sense to me. Especially because the overwhelming majority of people trying to use crypto for purchases will fail to report these small gains and loses anyway.
- JumpCrisscross 4y ago
  The CFTC escape is bunk. But I wouldn’t throw out the SRO idea so quickly. It will ensconce the incumbents, yes. But it also takes rulemaking and enforcement responsibility off the public’s purse to a degree. I’m not seeing regulators or Congress propose a meaningful regulatory framework; maybe an SRO will.
- wbl 4y ago
  Self regulation is what FINRA and exchange membership do in the securities markets. CFTC regulates commodities which is a better fit for something like Bitcoin.
  - tcbawo 4y ago
    Self regulation (like FINRA) only works when parties are incorporated within a US jurisdiction and expulsion means getting locked out of a large market. How many cryptocurrency entities does that apply to? Of course, providing a stable and consistent set of rules and reasonable judicial process is what makes Delaware the best state for incorporation. Something like that in the US might bring more parties to the table.
yieldcrv 4y ago
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?
- JumpCrisscross 4y ago
  > why this stuff isn't slipped into other must-pass bills like other riders? There is vocal, widespread and organised opposition. Slipping things into bills works when the opposition is nonchalant, narrow and/or terribly organised.
Einstant 4y ago
Comic relief on HN

21 points by danso 4y ago

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 4y ago
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 4y ago
  Why would anyone take the internet seriously?

Animats 4y ago

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-legislation-supported-by-digital-asset-ecosystem-consumer-advocacy-groups-balk https://www.bakerlaw.com/alerts/proposed-federal-crypto-legi...

rufusroflpunch 4y ago
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.
- jsmith45 4y ago
  Agreed. I'm not a fan of most cryptocurrency related nonsense, but right now, if I hypothetically wanted to buy something from a vendor that only offers purchases via crypto the following applies: I buy the crypto from an exchange or similar. Then I go to the vendor and buy the product. Then at tax time I need to look up what the price of the cyrpto was at the time I bought something with it, and pair it with the purchase in my records, so that I can claim capital gains or losses. With how volatile crypto is, these numbers will not reliably be "de minimis", and thus must be calculated for tax purposes. Not needing to do proper book keeping for such purchases makes sense to me. Especially because the overwhelming majority of people trying to use crypto for purchases will fail to report these small gains and loses anyway.
JumpCrisscross 4y ago
The CFTC escape is bunk. But I wouldn’t throw out the SRO idea so quickly. It will ensconce the incumbents, yes. But it also takes rulemaking and enforcement responsibility off the public’s purse to a degree. I’m not seeing regulators or Congress propose a meaningful regulatory framework; maybe an SRO will.
wbl 4y ago
Self regulation is what FINRA and exchange membership do in the securities markets. CFTC regulates commodities which is a better fit for something like Bitcoin.
- tcbawo 4y ago
  Self regulation (like FINRA) only works when parties are incorporated within a US jurisdiction and expulsion means getting locked out of a large market. How many cryptocurrency entities does that apply to? Of course, providing a stable and consistent set of rules and reasonable judicial process is what makes Delaware the best state for incorporation. Something like that in the US might bring more parties to the table.

yieldcrv 4y ago

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?

JumpCrisscross 4y ago
> why this stuff isn't slipped into other must-pass bills like other riders? There is vocal, widespread and organised opposition. Slipping things into bills works when the opposition is nonchalant, narrow and/or terribly organised.

Einstant 4y ago

Comic relief on HN