What does the Lummis-Gillibrand Bill mean for crypto?

U.S. Sens. Cynthia Lummis and Kirsten Gillibrand proposed a crypto bill on Tuesday, and the news has taken the world of crypto by storm. As the latest topic for debate, the bill essentially plans to regulate digital assets in the US, through the classification of assets and tax elimination on transactions below $200.

Did Senators Lummis & Gillibrand release a crypto Bill?

Senators Lummis and Gillibrand Released Their Crypto Bill Today. What's In It. | Barron's A Pair of Senators Released a Long-Awaited Crypto Bill Today. What’s In It.

Could a new crypto Bill define a conversation about digital asset legislation?

Senators Cynthia Lummis and Kirsten Gillbrand unveiled a new version of their crypto bill, which could define more of the conversation around digital asset legislation. U.S. Senators Cynthia Lummis and Kirsten Gillibrand have developed a second draft of their comprehensive crypto regulation bill.

What will the crypto Bill entail?

The crypto bill will essentially segregate digital assets into two classes, commodities and securities. The commodities will be under the regulation of the CFTC, while the SEC will be looking after the securities. There will also be a third class, called “ancillary assets”.