AlexCobb 2,323 Posted February 4 https://thexrpdaily.com/index.php/2019/02/04/h-r-56-financial-technology-act-officially-passes-congress/ 5 2 Cesar1810, Kpuff, panmores and 4 others reacted to this Share this post Link to post Share on other sites
Sebastian 1,806 Posted February 4 (edited) As noted in the screenshot of the article, it has passed the House. However, it has not passed the Senate. Both chambers have to approve it so it has not yet been approved by Congress. It has been referred to committee: "Senate - 01/29/2019 Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs." In the US, less than 5% of bills end up becoming law. This can be due to a number of factors such as heavy lobbying by industries in opposition, disagreement among committee members, or irreconcilable differences between the House and Senate. A good example of the latter is the GOP's attempt to repeal the Affordable Care Act (i.e., Obamacare). The bill the House passed could not be passed by the Senate so it never became law. The interesting thing about H.R. 56 is it is sponsored by two Democrats and two Republicans from four different states: https://www.congress.gov/bill/116th-congress/house-bill/56/cosponsors. One of the cosponsors is Mark Meadows who is one of the founders of the "Freedom Caucus." This is arguably the furthermost right group of lawmakers in the House and they are notoriously difficult to work with. The fact that their leader is a supporter of this bill along with a couple of Democrats gives me hope that it might just be bipartisan enough to become law. Edited February 4 by Sebastian 11 8 panmores, LordVetinari, Tinyaccount and 16 others reacted to this Share this post Link to post Share on other sites
Greeny 310 Posted February 4 7356 is probably one we should be also just as interested in. That one if passed will give cryptos a new classification on their own. Different than that of a security. https://www.congress.gov/bill/115th-congress/house-bill/7356?fbclid=IwAR0fs7yBg4UIgRy3Eo8P6zzzor7v5famZsKjwoPE-daZpYNt6eb3lpEcAfE 1 2 xrphilosophy, panmores and Cesar1810 reacted to this Share this post Link to post Share on other sites
Naimless 61 Posted February 4 3 hours ago, Greeny said: 7356 is probably one we should be also just as interested in. That one if passed will give cryptos a new classification on their own. Different than that of a security. Interesting that the effective date is the 1st of Jan 2017. Does that mean that any tax collected after that date that would be exempted by this bill would have to be refunded if it was passed? Share this post Link to post Share on other sites
Greeny 310 Posted February 4 7 hours ago, Naimless said: Interesting that the effective date is the 1st of Jan 2017. Does that mean that any tax collected after that date that would be exempted by this bill would have to be refunded if it was passed? Question for a lawyer, way out of my ability to answer. I just saw a crypto video on YouTube the other day talking about that bill. Share this post Link to post Share on other sites
