Bipartisan legislation to regulate cryptocurrencies has been submitted in the U.S. Senate. The Responsible Financial Innovation Act would set new tax rules for cryptocurrencies and shift much of their oversight to the Commodity Futures Trading Commission. The bill was submitted by Sen. Kirsten Gillibrand (D-NY) and Sen. Cynthia Lummis (R-WY). It would create a de minimis exemption so that people could make purchases with virtual currency without having to account for and report income. The bill isn’t expected to be approved during the current session of Congress due to the midterm elections and other legislative priorities.
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