Here’s how crypto community is reacting to US crypto bill

June 8, 2022

US Senators Cynthia Lummis and Kirsten Gillibrand officially revealed their detailed proposed crypto bill. 

The proposed bill states that capital gains under $200 are non-taxable if the transactions are purchase of goods and services.

A Reddit user hailed the proposed bill as a great step for crypto calling it a pretty common sense approach. 

If the bill sails through Congress, most crypto regulation would fall under the CFTC.

 “It's the first serious attempt at legislation in the US,” another Reddit user noted.

“Looks like the new US crypto bill that has been leaked goes hard after shit tokens, DAOs, DeFi, stablecoins, and exchanges,” Dogecoin founder Billy Markus tweeted. 

Micahel Saylor also commented on the proposed bill saying bitcoin will benefit from regulatory clarity.