Key US senators introduce crypto bill outlining sweeping plan for future rules

A wide-reaching, bipartisan crypto bill emerged Tuesday from U.S. Sens. Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.), who are seeking to extend a comprehensive set of regulations across digital assets in the U.S. and have given industry lobbyists something meaty to debate.

Their bill would liberate small-scale purchases of goods and services from the mire of tax implications by making transactions of less than $200 tax-free – potentially clearing a path for a cryptocurrency that acts more like a currency, according to Coindesk. And, as expected, the legislation would grant new powers and a commanding presence to the Commodity Futures Trading Commission.

The legislation attempts to tackle the biggest questions hanging over digital assets. It would set new federal law for stablecoins, taxes on small-scale payments and the jurisdictions of regulators – answering the uncertainties that have kept the fledgling financial sector from maturing.