One of the five vectors is a bill co-led by Sen. Cynthia Lummis. It tackles taxes and securities in crypto. The Responsible Financial Innovation Act aims to clarify the definition of a crypto broker, set up a self-regulatory body for digital assets, and set up a framework for taxation on digital asset gains.
“The president himself in his direct order, his executive order, talked about crypto as something that he wouldn’t make illegal, that was the most important message in there,” he said.
“If it [stablecoins] are backed by the U.S. dollar, it will become the reserve currency of the Earth. That’s what will happen, and why would we want to give that up to any other country? Why would we ever give up that innovation?” O’Leary said.
