{"id":244929,"date":"2022-06-24T06:00:55","date_gmt":"2022-06-24T05:00:55","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=244929"},"modified":"2022-06-24T06:53:54","modified_gmt":"2022-06-24T05:53:54","slug":"proposed-gillibrand-lummis-crypto-bill-uploaded-to-github-for-recommendations","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/proposed-gillibrand-lummis-crypto-bill-uploaded-to-github-for-recommendations\/","title":{"rendered":"Proposed Gillibrand-Lummis crypto Bill uploaded to GitHub for recommendations"},"content":{"rendered":"<p>The proposed Responsible Financial Innovation Act (RFIA) bill has been <a href=\"https:\/\/github.com\/responsible-financial-innovation-act22\/RFIA-bill\/issues\">uploaded to GitHub<\/a> for the crypto community to give their recommendations about the bill.<\/p>\n<p>In a Twitter post by Senator Cynthia Lummis, one of the two bipartisan senators responsible for the bill, the decision to update it on GitHub is to get the grassroots opinion about the bill.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Plebs! As promised, you can now contribute comments on my bill establishing a framework for digital assets with <a href=\"https:\/\/twitter.com\/SenGillibrand?ref_src=twsrc%5Etfw\">@SenGillibrand<\/a> via GitHub. Civil comments and criticisms welcome. Please share widely. We want to get this right. Help us iterate publicly on policy. <a href=\"https:\/\/t.co\/1eOb6jfKaA\">https:\/\/t.co\/1eOb6jfKaA<\/a><\/p>\n<p>&mdash; Cynthia Lummis \ud83e\uddac (@CynthiaMLummis) <a href=\"https:\/\/twitter.com\/CynthiaMLummis\/status\/1539714068872699904?ref_src=twsrc%5Etfw\">June 22, 2022<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>According to a press statement from the Senator's office, the bill seeks comments from industry stakeholders to reflect the space's innovations properly.<\/p>\n<p>The bipartisan had suggested that <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin<\/a> and <a href=\"https:\/\/cryptoslate.com\/coins\/ethereum\/\">Ethereum<\/a> be classified as commodities while other altcoins should be labeled as securities. The bill also proposed that the Commodity Futures Trading Commission should be <a href=\"https:\/\/cryptoslate.com\/cftc-may-become-main-regulator-for-crypto-industry\/\">tasked<\/a> with regulating the industry.<\/p>\n<p>However, the bill has faced criticism from the community over its blanket classification of other crypto assets as securities. Some argue\u00a0that Bitcoin should be considered separately from other digital assets.<\/p>\n<h2>Crypto community makes recommendations<\/h2>\n<p>As of press time, there have been\u00a0only <a href=\"https:\/\/github.com\/responsible-financial-innovation-act22\/RFIA-bill\/issues\/8\">nine comments<\/a> on the bill, with most of them being constructive recommendations.<\/p>\n<p>One of the comments called for a separate Bitcoin Bill that is different from the crypto Bill. <a href=\"https:\/\/github.com\/responsible-financial-innovation-act22\/RFIA-bill\/issues\/4\"><span class=\"s4\">Stduey<\/span><\/a> explained that Bitcoin is different from other risky assets even though the current market downturn might make it feel like both are the same.<\/p>\n<p>In his words,<\/p>\n<blockquote><p>If you buy 5,000 satoshis for $1, you will have 5,000\/2.1 quadrillion satoshis forever, and no one can change that. People cannot understand the magnitude of this yet, but this subtle difference is what separates bitcoin from every other crypto, fiat, precious metal, and commodity. Absolute scarcity. Nothing else has this feature.<\/p><\/blockquote>\n<p>Another recommendation for the bill was made by <a href=\"https:\/\/github.com\/responsible-financial-innovation-act22\/RFIA-bill\/issues\/8\"><span class=\"s4\">Asherhopp<\/span><\/a>, who said that the legislation should include language that will limit the Federal Reserve from creating unlimited CBDC, the same way fiat currencies are minted.<\/p>\n<p>He added that the bill should compel the Fed to add crypto to its balance sheet, apply tariffs to the digital yuan, and ban any CBDC.<\/p>\n<p>One of the recommendations touched on the subject of airdrops and unrealized gains.<\/p>\n<p>According to the <a href=\"https:\/\/github.com\/responsible-financial-innovation-act22\/RFIA-bill\/issues\/5\">recommendation<\/a>,<\/p>\n<blockquote><p>Airdrop receivers should only have to pay short or long-term taxes on the coins they cash out assuming the initial value is $0 because they do not realize the gains until they trade or sell.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>The proposed Responsible Financial Innovation Act (RFIA) bill has been uploaded to GitHub for the crypto community to give their recommendations about the bill. In a Twitter post by Senator Cynthia Lummis, one of the two bipartisan senators responsible for the bill, the decision to update it on GitHub is to get the grassroots opinion [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":245104,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[76669,60793,29,77644,11],"tags":[76899,72190,77838],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Proposed Gillibrand-Lummis crypto Bill uploaded to GitHub for recommendations<\/title>\n<meta name=\"description\" content=\"Senator Lummis has opined that the bill is seeking comments from industry stakeholders to properly reflect innovations in the crypto space.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/proposed-gillibrand-lummis-crypto-bill-uploaded-to-github-for-recommendations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Proposed Gillibrand-Lummis crypto Bill uploaded to GitHub for recommendations\" \/>\n<meta property=\"og:description\" content=\"Senator Lummis has opined that the bill is seeking comments from industry stakeholders to properly reflect innovations in the crypto space.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/proposed-gillibrand-lummis-crypto-bill-uploaded-to-github-for-recommendations\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2022-06-24T05:00:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-06-24T05:53:54+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2022\/06\/gillibrand-lummis-bill.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/proposed-gillibrand-lummis-crypto-bill-uploaded-to-github-for-recommendations\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/proposed-gillibrand-lummis-crypto-bill-uploaded-to-github-for-recommendations\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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