The bill introduced on July 12th is called the The Responsible Financial Innovation Act. It is a bipartisan bill aimed at regulating the cryptocurrency market.
Here is a link to the proposed bill: https://www.congress.gov/117/bills/s4356/BILLS-117s4356is.pdf
As you know if you have been reading my posts, I have written about cryptocurrencies and how the current legal situation in the United States is going and how I think it will go. I have read through the 168 page bill sited above. It does a good job of amending the SEC and Commodities bills and laying out a framework to regulate cryptocurrencies. It will (if enacted) put a stop to the rogue and dangerous SEC. Seriously, Gensler should be held accountable for his attempt to manipulate the market and pick and choose winners and losers in terms of select cryptocurrencies. I am not an employee of the SEC, but common sense tells you you cannot identify 13 cryptocurrencies and leave thousands out when trying to regulate. Also as with the recent major questions doctrine one can logically understand the SEC cannot make up rules on their own!
From my understanding, the bill basically identifies most cryptocurrencies as commodities. I have been saying this for a while now. Here is an article that also seems to agree the bill identifies cryptocurrencies as commodities: https://www.cnbc.com/2022/06/07/bipartisan-crypto-bill-lummis-and-gillibrand-want-to-empower-cftc-treat-digitals-assets-like-commodities.html
Whether people like it or not regulating cryptocurrency is the future, and it will be a significant boon to the industry in the long run. I also believe that cryptocurrencies being identified as commodities is a good thing in the long run. I bought what I call "SEC dip" recently because of my belief that cryptocurrencies will not be identified as securities. I wrote yesterday that I think (with evidence not hopeful ignorance) I will benefit from the outcome of this legal issue with the SEC and the legal outcome in the long run. This bill introduced today (I was not aware of it until today, so I did not know it when writing yesterday) further confirms my belief that cryptocurrency is the future and those in the know now will benefit substantially.
Heres to what I call "The great bull run."
