Simply Bitcoin: Bipartisan Bitcoin Bill Introduced in US Congress, GAMECHANGER

 Cryptocurrencies are a new asset class that have been around less than 15 years. Like any technological innovation, governmental regulation comes in later after the space has developed.

Two US senators have crafted a piece of legislation that would provide a governmental framework for regulating cryptocurrencies. The bill still needs to be debated, passed, and signed into law. Once that happens, it could be a gamechanger for onboarding millions.

The move would provide some much-needed clarity to invest in the crypto space. At present, Bitcoin represents a deflationary currency. The legislation’s potential to avoid a tax headache and speed up adoption as a currency could be huge for consumers.

The bipartisan crypto bill would consider most cryptos as commodities for regulatory purposes. That would allow the Commodity Futures Trading Commission (CFTC) to fill in the regulatory framework.

Currently, the key feature of the bill is that digital currencies would be treated as a genuine medium of exchange. And tax exemptions would be provided for transactions up to $200. That could increase the use of cryptos for everyday transactions.

Overall, there’s a lot to like about the bill. Yes, many crypto enthusiasts may want to see some changes. However, the passage of this bill would make it easier to onboard millions into crypto. And it would make low-priced crypto transactions easier to make as well.

To listen to the full breakdown of the bill and what it means for crypto investors, click here.