First, the bill asks the Federal Energy Regulatory Commission to lead a report on cryptocurrency mining, which was just halted in New York State after a fierce debate. The bill also mentions two areas of crypto that have been hotly contested recently: crypto’s impact on the environment and its potential inclusion in retirement accounts. Cody Carbone, the director of policy at the DC-based crypto lobbying group Chamber of Digital Commerce, told TIME that the bill outlines “the proper controls and audits we need to make sure that are safe and usable.” Studies on energy and 401(k)s Treasury to ensure that stablecoin issuers comply with sanctions.
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dollars, and to be able to reimburse their users in full at any given time. The bill calls for stablecoin issuers to prove that they’re backed by U.S. The bill hopes to assuage some of those fears by creating an oversight framework for stablecoins (although, the term “algorithmic stablecoin” isn’t even mentioned). Last month, the collapse of the UST stablecoin-which was supposed to hold a dollar peg but has dropped to one cent in value-raised many concerns about riskier stablecoin models (including algorithmic ones like UST) and how they should be regulated. While these moves were hailed by crypto users, Omri Marian, a professor of tax law at University of California, Irvine School of Law, wrote on Twitter that the bill “gives crypto a tax preference that no other asset has.” Stablecoin regulation The bill also walks back a provision in last year’s infrastructure bill that hit crypto miners with heavier taxation. It stipulates that buying goods or services under $200 with crypto no longer necessitates filing a report to the IRS, which would make it easier to buy a coffee with Bitcoin, for instance. Tax filing for crypto users can be extremely onerous, and Gillibrand and Lummis’s bill attempts to help ease those difficulties. Nevertheless, here are some of its main elements. Most experts believe that the bill’s chances of passage before the midterm elections are extremely slim.
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