Senate Bill Would End SEC's Oversight of Most Crypto, Create $200 Tax Exemption

While Im likely a proponent of the bipartisan sponsored bill, I seriously doubt it will get passed, but is it not a relatively good thing that we even have an atmosphere where this is even being attempted. Or is it all a sham?

decrypt.co...

The Security and Exchange Commission would lose its authority to regulate a broad swath of the crypto market, including the 200 most valuable cryptocurrencies, under a bipartisan bill unveiled on Tuesday by Sen. Cynthia Lummis (R-Wy) and Kirsten Gillibrand (D-NY).

The proposed bill, titled the Responsible Financial Innovation Act, is the most comprehensive piece of crypto legislation proposed to date and introduces a raft of other significant measures, including a provision that eliminates the obligation to report crypto gains of $200 or less to the IRS.

The bill stands almost no chance of passing in the current Congress. But it is expected to gain new momentum in 2023 following the November mid-term elections, and to frame the contours of future crypto policy.

a reply to: putnam6

Crypto is imo a big scam to get people used to a digital currency. Major CC companies are embracing it and UK banks are already working on addapting it as a offical curency, AKA take control over it.

Like in china where the digital Yen with a expiration date is already in its beta stages.

originally posted by: everyone
a reply to: putnam6

Crypto is imo a big scam to get people used to a digital currency. Major CC companies are embracing it and UK banks are already working on addapting it as a offical curency, AKA take control over it.

Like in china where the digital Yen with an expiration date is already in its beta stages.

Its why I am asking but Im not asking if crypto is a scam,

Im asking if congress is even trying to pass legislation such as this, doesn't it semi- legitimize crypto somewhat?

or are both these congresspeople just trying to recoup their losses in the crypto market by getting as big a bump as they can on their portfolios? Or worse it could just be high profile constituents that are making them sponsor the bill?

originally posted by: putnam6

originally posted by: everyone
a reply to: putnam6

Crypto is imo a big scam to get people used to a digital currency. Major CC companies are embracing it and UK banks are already working on addapting it as a offical curency, AKA take control over it.

Like in china where the digital Yen with an expiration date is already in its beta stages.

Im asking if congress is even trying to pass legislation such as this, doesn't it semi- legitimize crypto somewhat?

The US is late to this party. By acting now they prevent us from falling further behind, because crypto doesn't need legitimacy from the US at this point. We can keep up or be left behind. Let's hope the SEC gets a rebuke.

The argument about "if" crypto remains is over. It's a matter of when and if the US catches China and SE Asia. Africa, today, has multiple nations that seem to be further along in regulating crypto than the US.

A recent court ruling against the SEC specifically cited that Congress has exceeded their authority to delegate powers designated to them. The outcome could have massive consequences to fed agencies across the board. Congress has skirted responsibility for too long letting places like the SEC run revolving doors with financial and legal firms while also effectively taking the role of legislators by having sweeping control of regulations. The people have no recourse, and in the case of the SEC, it was ruled their internal court system violates the COTUS.

a reply to: Ksihkehe

You mean congress again refused to do their jobs?

Shocked face

On the other side of that coin, I assure you many made lucrative returns.

So, since the SEC is going to butt out of this, would now be a good time to buy XRP?

originally posted by: whiteboyrick
So, since the SEC is going to butt out of this, would now be a good time to buy XRP?

They're currently suing Ripple so they aren't backing off. Unless Congress supercedes their authority with a bill it looks like they're going to keep targeting crypto at random. They've allowed the rules to be so unclear that they can essentially argue any crypto they want has violated the law. It doesn't mean they win and it doesn't look like they really will in the Ripple case, but they asked for substantial increases in enforcement staff for crypto. Hopefully they'll be rebuked. They're now arguing in front of a judge that a speech by a former SEC official was SEC policy having previously argued, in the same case, that the speech was a personal opinion and hence not admissable. Congress should have stepped in already. It's completely lawless at the SEC.

I'm not buying anything yet. Unless you've got a specific plan buying now would only be advisable if you think the economy is at the bottom. Crypto will likely follow stocks if the continue to go down. I would say there's still downside to go yet and the Ripple case is expected to continue for some time. Price action on XRP has been mostly following the market except for the initial case announcement.

originally posted by: Ksihkehe

originally posted by: putnam6

originally posted by: everyone
a reply to: putnam6

Crypto is imo a big scam to get people used to a digital currency. Major CC companies are embracing it and UK banks are already working on addapting it as a offical curency, AKA take control over it.

Like in china where the digital Yen with an expiration date is already in its beta stages.

Im asking if congress is even trying to pass legislation such as this, doesn't it semi- legitimize crypto somewhat?

The US is late to this party. By acting now they prevent us from falling further behind, because crypto doesn't need legitimacy from the US at this point. We can keep up or be left behind. Let's hope the SEC gets a rebuke.

The argument about "if" crypto remains is over. It's a matter of when and if the US catches China and SE Asia. Africa, today, has multiple nations that seem to be further along in regulating crypto than the US.

A recent court ruling against the SEC specifically cited that Congress has exceeded their authority to delegate powers designated to them. The outcome could have massive consequences to fed agencies across the board. Congress has skirted responsibility for too long letting places like the SEC run revolving doors with financial and legal firms while also effectively taking the role of legislators by having sweeping control of regulations. The people have no recourse, and in the case of the SEC, it was ruled their internal court system violates the COTUS.

I was hoping you would comment...

originally posted by: putnam6

originally posted by: Ksihkehe

originally posted by: putnam6

originally posted by: everyone
a reply to: putnam6

Crypto is imo a big scam to get people used to a digital currency. Major CC companies are embracing it and UK banks are already working on addapting it as a offical curency, AKA take control over it.

Like in china where the digital Yen with an expiration date is already in its beta stages.

Im asking if congress is even trying to pass legislation such as this, doesn't it semi- legitimize crypto somewhat?

The US is late to this party. By acting now they prevent us from falling further behind, because crypto doesn't need legitimacy from the US at this point. We can keep up or be left behind. Let's hope the SEC gets a rebuke.

The argument about "if" crypto remains is over. It's a matter of when and if the US catches China and SE Asia. Africa, today, has multiple nations that seem to be further along in regulating crypto than the US.

A recent court ruling against the SEC specifically cited that Congress has exceeded their authority to delegate powers designated to them. The outcome could have massive consequences to fed agencies across the board. Congress has skirted responsibility for too long letting places like the SEC run revolving doors with financial and legal firms while also effectively taking the role of legislators by having sweeping control of regulations. The people have no recourse, and in the case of the SEC, it was ruled their internal court system violates the COTUS.

I was hoping you would comment...

You had me at crypto Putman, you had me at crypto.

The next Jerry McGuire reference is coming when this market bottoms.

Show me the money.

originally posted by: putnam6

originally posted by: everyone
a reply to: putnam6

Crypto is imo a big scam to get people used to a digital currency. Major CC companies are embracing it and UK banks are already working on addapting it as a offical curency, AKA take control over it.

Like in china where the digital Yen with an expiration date is already in its beta stages.

Its why I am asking but Im not asking if crypto is a scam,

Im asking if congress is even trying to pass legislation such as this, doesn't it semi- legitimize crypto somewhat?

or are both these congresspeople just trying to recoup their losses in the crypto market by getting as big a bump as they can on their portfolios? Or worse it could just be high profile constituents that are making them sponsor the bill?

Well yes but that is why i pointed to that. When they plan to make us acustomed to it for those reasons i mentioned then one of the first big steps would be to legitimize it, imo you see.