Senators Introduce Cryptocurrency Regulatory Bill

We got a glimpse into the future of crypto regulation in early June 2022 when Republican Senator Cynthia Lummis, one of Congress' most vocal cryptocurrency advocates, and Democratic Senator Kirsten Gillibrand unveiled a bill on Tuesday that would establish new rules for cryptocurrency, and hand the bulk of their oversight to the Commodity Futures Trading Commission (CFTC).  The bill marks one of the most ambitious efforts yet by lawmakers to place clear rules on rapidly growing cryptocurrency markets.  Here are a few of the main points for the proposed legislation:

• The legislation provides that the CFTC, not the Securities and Exchange Commission, will play the primary role in regulating crypto products. The CFTC is generally seen as a friendlier regulator for cryptocurrency.  The SEC has typically found that crypto products must adhere to cumbersome securities regulations.

• ·      It would establish new rules for stablecoins, which are crypto tokens intended to have their value pegged to a fiat currency asset like the U.S. dollar. Stablecoins have been under significant pressure recently after a crash of TerraUSD.  The new bill would require stablecoin issuers to maintain high-quality liquid assets equal to the value of all outstanding stablecoins, and public disclosures of those holdings.

• ·      The bill would remove a requirement that crypto traders report gains or losses of less than $200 to the Internal Revenue Service.

The bill, which is entitled The Responsible Financial Innovation Act, is not expected to become law, but its framework will undoubtedly serve as a reference point for future debates about regulation of crypto markets.

Overall, the Bill is a favorable early step in the development of laws and regulations of crypto markets. 

Under Construction!

It all begins with an idea. Maybe you want to launch a business. Maybe you want to turn a hobby into something more. Or maybe you have a creative project to share with the world. Whatever it is, the way you tell your story online can make all the difference.

Don’t worry about sounding professional. Sound like you. There are over 1.5 billion websites out there, but your story is what’s going to separate this one from the rest. If you read the words back and don’t hear your own voice in your head, that’s a good sign you still have more work to do.

Be clear, be confident and don’t overthink it. The beauty of your story is that it’s going to continue to evolve and your site can evolve with it. Your goal should be to make it feel right for right now. Later will take care of itself. It always does.