TK Brown

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