Senator Cynthia Lummis and ex-Congressman Mike Rogers are working on legislation aimed at simplifying the use of Bitcoin in everyday transactions.
Simplifying Bitcoin Use for Ordinary Transactions
Senator Lummis and ex-Congressman Rogers are aiming to simplify the process of using Bitcoin for everyday purchases, such as coffee or groceries. Currently, even small Bitcoin transactions may require tax reporting, which many find too complex and a barrier to making Bitcoin an integral part of their daily lives.
GENIUS Act and Its Implications
Recently, the GENIUS Act was passed, aiming to establish clear rules for stablecoins. The act seeks to protect consumers without stifling innovation, requiring companies issuing digital coins to comply with necessary regulations and maintain financial reserves. Lummis and Rogers emphasize that this is just the beginning, and Congress must also create clear definitions for different types of digital assets.
New Initiatives at the State Level
States like Wyoming and Michigan are already taking initiative in crafting crypto-friendly legislation. Michigan recently enacted a 'Cryptocurrency Bill of Rights' and proposed establishing a state government-run cryptocurrency reserve, while Wyoming has enacted over 30 crypto-specific laws, demonstrating how states can be quicker than the federal government.
Senator Lummis and ex-Congressman Rogers continue to push their initiatives aimed at eliminating 'double taxation' on Bitcoin and fixing corporate tax rules that negatively impact Bitcoin holders.
