The proposal for Responsible Financial Innovation Act RFIA was uploaded to GitHub by the community to give their views on the bill.
In a Twitter post by Senator Cynthia Lummis, one of the two bipartisan senators who are responsible for the bill, the decision to update it on GitHub is to get the support of the bill.
According to a press statement from the Senator's office, the bill seeks comments from industry stakeholders to reflect the space's innovations properly.
The bipartisans had suggested thatBitcoin andEthereum should be classified as commodities while other altcoins should be labeled as securities. The bill proposed that the Commodity Futures Trading Commission be tasked with regulating the industry.
The bill has been criticised by the community for its blanket classification of other criptocurrencies as securities. Some argue thatBitcoin should be considered separate from other digital assets.
There were only nine comments on the bill as of press time, with most of them being constructive recommendations.
One of the comments called for a separate Bitcoin Bill that is different from the Bill onCryptocurrencies. Stduey said thatBitcoin is different from other risky assets, even though the current market downturn might make it feel like both are the same.
If you buy 5,000 satoshis for $1, you will have 5,000 2.1 quadrillion satoshis forever, and no one can change that. People can't comprehend the magnitude of this yet, but this subtle difference is what separates bitcoin from other criptocurrency, fiat, precious metal, and commodity. Another recommendation was made by Asherhopp, who said that the legislation should include language that will limit the Federal Reserve from creating unlimited CBDC, the same way that fiat currencies are minted.
He added that the bill should compel the Fed to add to its balance sheet, apply tariffs to the digital currency, and ban any CBDC.
One of the recommendations touched on the subject of airdrops and unrealized gains.
According to the recommendation, there is a recommendation.