The proposed legislation, drafted by Senators Brian Hill and Bill Coleman, calls for granting every state resident the right to freely purchase, hold, and sell bitcoins, as well as participate in cryptocurrency mining. Additionally, the bill aims to establish lower tax rates for cryptocurrency transactions when used as a medium of exchange. However, the document does not outline specific measures for safeguarding these rights or determining tax rates, making it appear more like an initial statement of intent.
Investment fund Satoshi Action Fund’s founder, Dennis Porter, a strong advocate for the bill, believes that it could grant US citizens the necessary protections for their digital assets. Porter has urged all interested parties to lend their support to this initiative, in the hopes of expediting its progress into law.
Recently, analysts at venture fund a16z Crypto highlighted the growing tension between the decentralized vision of blockchain developers and the regulatory framework enforced by the US Securities and Exchange Commission (SEC), posing considerable risks to the cryptocurrency industry.