July 4, 2022

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Senator publishes cryptocurrency law on GitHub, and chaos ensues

Senator publishes cryptocurrency law on GitHub, and chaos ensues

On Wednesday, Senator Cynthia Loomis (R-WY) found a surprising way to develop an upcoming crypto regulation bill: She puts it on github.

“As promised, you can now contribute comments to my bill to create a digital asset framework with [Sen. Gillibrand]Loomis books In a tweet sharing the news. We welcome civil comments and criticism. Please share widely. We want to get this right. Help us repeat the policy publicly.”

GitHub is best known as an open source code repository, and includes a number of tools that can be useful in developing public proposals – in particular the ability to publicly comment, review, and split text into different versions.

As of press time, Github users have commented on 24 issues with the bill and submitted eight pull requests — some of which have suggested meaningful additions to the bill. single user Senators were asked to “increase the value of Proof of Work cryptocurrencies with a tax on mining.” another subject It raised concerns about algorithmic support for stablecoins.

However, the most common response was phishing. 1 problem reported Titled “You know you can find someone to search for someone with Google, right”. else The title only has an eggplant emoji.

On a related topic, one user commented, “Feders are not looking for a floppa job,” accompanied by an image famous russian caracal who has gained followers online under the name “Big Floppa”.

Phishing also extends to requests, with one user suggesting that the bill be replaced with the source code of the popular shooter Doom. “This bill would benefit much more to ordinary Americans if its text was replaced with Doom’s source code,” reads a comment in response to the request. “Developers should integrate as quickly as possible.”

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The Responsible Financial Innovation Act, introduced earlier this month by Lummis and Senator Kirsten Gillibrand (D-NY), would create a framework for regulators to determine whether a particular digital asset should be considered a commodity or a security while implementing new stablecoin provisions. Notably, the bill would place much of the regulatory power over cryptocurrencies in the hands of the CFTC, significantly expanding the agency’s budget and power.

The bill is still in its early stages, and will need to be approved by several Senate committees before it sees a full vote and passes into law. However, it is one of the most comprehensive attempts by Congress to date to bring regulatory clarity into the controversial and often confusing world of cryptocurrency.

“Digital assets, blockchain technology, and cryptocurrencies have experienced exponential growth in the past few years and offer significant potential benefits if harnessed properly,” Gillibrand said. In a statement June 7. “It is critical for the United States to play a leading role in developing policy to regulate new financial products, while also encouraging innovation and protecting consumers.”