A lot of chatter is going around about this bipartisan Bitcoin legislation by U.S. Senators Cynthia Lummis (R-WY) from the Senate Banking Committee and Kirsten Gillibrand (D-NY) from the Senate Agriculture Committee has finally been introduced, some calling it the bitcoin bill, but it covers both bitcoin and shitcoins.
However, calling something the bitcoin bill and orange washing it seems to be a marketing gimmick to try and get unregistered securities grouped in with bitcoin as a commodity which is a complete joke.
A nothing burger
Energy bullshit
No one reads bills, least of all politicians and there is some bullshit about energy usage and pushing for green and stranded energy, which miners already fucking do if it makes sense for their capex and cost basis so why have rules around it moron?
Tax on bitcoin
The other nothing burger is a $200 exception on tax so people can spend bitcoin on cheap plastic crap from China at Walmart big fucking deal.
First of all, don't waste your money on a piece of china crap, and second the way the dollar is inflating the $200 won't get you much in fact it will get you less forcing you to spend over the $200 to get shit you need and therefore be eligible for taxes, that's the gimmick they want to get you to fall for.
If you're using a money that is not issued by them via rails you control and make an agreement with a person who accepts that bitcoin, its none of their fucking business so they can go play in traffic for all I care.
Tax on spending bitcoin is stupid and if it was a tax it should be set at satoshi level NOT dollar level, so lets say it's 2 million satoshis. People will be encourated to keep spending less bitcoin to keep below the tax threshold and as bitcoins purchasing power increases you have to spend less sats.
That makes more sense in terms of benefitting the consumer but its not to benefit you, its to rent seek from you
401 cuck
Why do I need to put shitcoins in my 401k? None of these shitcoins are going to be around when I retire so wtf is the point? Second, why would I want to put Bitcoin in my 401k? I already self custody it takes less risk and have immediate access at any time without penalties, unlike a 401k.
All this does is encourage centralised custody and the creation of paper claims on bitcoin, which if you were a bitcoin politician would know is a dumb idea, but you;re not one, you're a moron.
Larping grandma Lummis
Lummis doesn't give a shit about bitcoin, she doesn't even know what it is, this bill was clearly written by a team of lobbyists trying to please their donators in the shitcoin community, and Lummis is just using it as a ploy to attract silicon valley money to her pocket, and get support from tech bros and gen Z as she tries to push forward her political career.
These people don't care about bitcoin and their rules don't matter. I don't care about your consumer protection nonsense, or getting into 401ks or having a $200 tax threshold. Why are you pretending like this matters? It never mattered for 13 years and bitcoin did just fine.
These people want to pretend they have control and that they are giving bitcoin some special rights or permissions, but you can already self custody it and trade P2P without tax issues, so I say this is a waste of time.
Who cares? I sure as shit don't!
K, rant over
Have a great day!
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