According to a report, the US regulators are calling for public opinion on the recently introduced Responsible Financial Innovation Act. Senator Cynthia Lummis and Senator Kirsten Gillibrand who introduced the act earlier this month opened it up for discussion.
The report claimed the two senators are quite unsure whether the bill would harm or help the crypto industry. Latest news circulating showed that many investors are clamoring for Bitcoin to be exempted from the bill.
Many Crypto Enthusiasts Expressed Their View On The Bill
According to reports, the bill stirred massive disturbance in the market as a lot of individuals showed different opinions. But the dominant concern was the effect the bill would possibly have on altcoins.
Many crypto enthusiasts believed that passing the bill would put most of the altcoins under the radar of the SEC. However, the senators kept welcoming more ideas and criticisms from investors in the industry.
Senator Lummis’ tweet on Wednesday solicited logical reasoning and views on how crypto can be regulated. She mentioned that she and Senator Gillibrand acknowledged that individuals created the crypto industry.
For that reason, they have decided to let individuals in the industry with logical reasoning to comment on crypto legislation. Since the invitation post, many responses had been trooping in from different individuals.
However, a few of them clamored for Bitcoin to be separately regulated from the other coins. Some even called for a different bill for Bitcoin.
A respondent buttressed the demand by saying Bitcoin is a risk-off digital asset compared with other coins. He continued that even though Bitcoin and altcoins have similar price patterns, Bitcoin is not vulnerable as others.
An Enthusiast Described Bitcoin With It White Paper
Furthermore, another respondent claimed that Bitcoin is the only digital asset that exists. He considered other coins as unregistered securities.
He said the regulators need to completely separate Bitcoin regulations from other coins’ regulations.
Yet another respondent expressed himself on the topic using the popular Bitcoin White paper. He said the white paper which was written by Satoshi Nakamoto explicitly described what Bitcoin is.
According to it, Bitcoin is an electronic currency for online payments without middlemen but via the peer-to-peer form. Hence, he claimed that Bitcoin is different from other coins out there and therefore deserves different regulations.
The proposed bill planned to introduce stringent regulatory criteria for all crypto firms to obey. It allows for customer agreement to be fully aware of all details of permissible transactions executed with clients’ assets.