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Tax exemptions for crypto transactions under $200, classification of virtual assets as securities and commodities, and an obligation to perform an analysis of energy consumption in digital asset markets – are some of the provisions in the U.S. federal Responsible Financial Innovation Bill, which aims to provide economic certainty and clarity in the cryptocurrency and blockchain sectors.
Among other matters, the bill also establishes a procedure for companies interested in registering as “digital asset exchanges”; provides protections against bankruptcy; and requires depository institutions (issuers of stable-coin) to disclose a summary description of the assets backing the payment stable-coin, the value of these assets, and the number of their outstanding stable-coin.
Although the bill was drafted as a bipartisan initiative, it is not expected to be enacted before 2023 at the earliest, given the upcoming mid-term elections in November.
CLICK HERE to read the Responsible Financial Innovation Bill.
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