Cryptocurrencies keep hitting the news amidst the crisis the market is experiencing. The newest one is that the US Government could get involved after Senator Gillibrand and Senator Lummis release a bipartisan bill seeking to regulate digital assents.
Although the proposed bill may not be accepted in its entirety, it’ll surely set in motion the much-needed discussion about the cryptomarket. Apart from it, the bill would give the Commodity Futures Trading Commission new responsibilities and powers.
The greatest novelty could open the door for cryptocurrency to become more like traditional currencies. Namely, transactions under $200 could be made tax-free under the new federal law.
Other features that could introduce groundbreaking changes are defining the field and its related terms. This will provide the crypto market with the legal clarity it currently lacks.
Despite the good sides of the said bill, it could also prove to be harmful to the already unstable cryptocurrency market. By introducing regulations and regulating the market, the Government will get involved in it, which will influence one of the main features of crypto – anonymity.
As anonymity is one of the things that made cryptocurrencies popular in the first place, these changes could kill the crypto market. However, it remains to be seen if the Senate will accept the bill and which form it will take.
