Discover and read the best of Twitter Threads about #cryptobill
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A bipartisan #crypto bill was introduced yesterday, 7 June 👀📝
Also known as the Responsible Financial Innovation Act, @SenLummis and @SenGillibrand proposed a regulatory framework for digital assets in the bill. Here are the key takeaways in case you missed it:
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Also known as the Responsible Financial Innovation Act, @SenLummis and @SenGillibrand proposed a regulatory framework for digital assets in the bill. Here are the key takeaways in case you missed it:
🧵👇
1️⃣ Definitions
The bill recognizes #crypto as digital assets and makes a clear distinction between tokens that are considered securities vs. commodities. The class a token falls into will be evaluated by its purpose and the rights conveyed to its holders.
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The bill recognizes #crypto as digital assets and makes a clear distinction between tokens that are considered securities vs. commodities. The class a token falls into will be evaluated by its purpose and the rights conveyed to its holders.
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Based on the legislation, most #cryptocurrencies like #Bitcoin and #Ether are defined as "ancillary assets" which fall under commodities.
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#BTCryptoConclave | @CoinDCX Co-founders Sumit Gupta (@smtgpt) & Neeraj Khandelwal (@nrjkhandelwal) join @TheSouravM on a fireside chat. Sumit says, "There was a lot of confusion with respect to regulations. However, we decided to take the plunge." 
#BTCryptoConclave | CoinDCX Co-founder Sumit Gupta (@smtgpt) says, "Any technology comes with its set of apprehensions. Any country which has shunned new tech has never yielded positive returns. It is important to understand it and adopt it."
#BTCryptoConclave | "The internet is such a powerful economic driver today. Now, #crypto and #Blockchain are driving the internet towards further decentralisation," says Neeraj Khandelwal (@nrjkhandelwal), Co-founder, @CoinDCX
The fact that one is able to buy/sell #cryptocurrency is because someone mined it in the first place. This is what proof-of-work(#PoW) basically is. There would not be any proof-of-stake or proof-of-authority cryptocurrency models, had PoW not conceptualized in the first place.👇
Banning #mining means banning proof-of-work, which is the fundamental pillar behind generating all #cryptocurrencies. Many gamers in India use their computers to earn some pocket money through mining as well as #NFTgaming. For many, it is how they feed themselves.
