The crypto community is abuzz with the introduction of the Lummis-Gillibrand Responsible Financial Innovation Act . Although I have yet to see comprehensive analysis - as release occurred just this morning (6/7/22) - I was pleasantly surprised in my own reading by the evenhandedness. The legislation is largely targeting industry players (brokers, exchanges, stablecoin issuers, etc.) though there are some interesting items for the individual, which will be my primary lens for commentary: Section 101 Definitions The definition of a "PAYMENT STABLECOIN" (5D) excludes digital assets backed by other digital assets. An asset like the ill-fated UST backed by BTC would not be considered a stablecoin; or a theoretical digital asset backed by multiple stablecoins would not be considered a stablecoin. Section 201 Gain or loss from disposition of virtual currency The $200 exemption is a nice convenience, many every day items can now be purchased with crypto and no longer require the gain
With Bitcoin breaking its previous all-time high ($64K+ as of today - 10/20/21) there's tremendous exuberance in the crypto space. Unfortunately we continue to be hassled with high gas fees on ETH - even simplistic smart contracts or token transfers are high cost affairs. The situation is tolerated and the hall pass extended with ETH 2.0 PoS on the horizon, but other L1 protocols are definitely gaining attention, notably Solana. Which brings me to the topic of my posting - I had a few Ethereum ERC-20 wrapped Serum which I wanted to unwrap and utilize natively on Solana SPL. Selling for a stable coin like USDC or USDT followed by one or more transfers and repurchase is a route, but inefficient and also results in a taxable event within the US. Googling was fruitless, yielding ideas like connecting Sollet to Metamask and paying high gas for the privilege. It then hit me - I recalled that some exchanges provide dynamic wrapping on withdraw, where the destination chain can be specifie