What would be the impact on bitcoin from Lummis' recently-proposed crypto bill that aims to categorize the asset as a commodity?
Senator Cynthia Lummis’ Bill and What Does it Mean for BitcoinWhat would be the impact on bitcoin from Lummis’ recently-proposed crypto bill that aims to categorize the asset as a commodity?
What could be the reason for the U.S. crypto bill to classify bitcoin and other cryptocurrencies as commodities instead of securities?Because in promoting the bill before its unveiling, Sen. Lummis has said if passed as law, it would make a distinction between commodities, securities, stablecoins, central bank digital currencies, and NFTs.
Other cryptocurrencies, essentially purchases of use/equity tokens that not only can function as a cash payment and banking system, but smart cash with features like incentives for voting rights in a sophisticated, smart contract-enforced blockchain governance that affects their value, are more like publicly traded equity securities in corporate organizations.