Sponsors of the US crypto bill look for input on GitHub and get some • Registration

The two US senators behind a proposed law to bring order to cryptocurrency finances posted their legislation on Microsoft’s GitHub to gain input from the rebellious public.

Known as the Responsible Financial Innovation Act, the bill was submitted by Senators Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) on June 7 to create a regulatory framework that governs digital assets, cryptocurrencies and blockchain technology.

It was welcomed by the Stellar Development Foundation and the cryptocurrency trading group. Digital Chamber of Commercea sign that he doesn’t want many things that legislation will regulate.

And its sponsors are now asking people on the internet to take a step forward in improving the language of the bill.

“The digital asset industry was built by individuals and will continue to be maintained by individuals,” said Senator Lummis. via Twitter Wednesday. “That’s why @SenGillibrand and I seek grassroots input. If you have constructive thoughts about our legislation, get your voice heard on GitHub.”

On Thursday, Lummis, sometimes referred to as a HODL senator to reflect his commitment to Bitcoin, sought to expand the pool of potential commentators, perhaps aware that those familiar with GitHub represent a fairly narrow group of technical folks.

“Clarification point: If you don’t identify as a plebeian, don’t be deterred,” he said. aforementioned, using another term for Bitcoin supporters. “Comments are open to all, plebs, non-plebs, moneyless and novices. We want to hear from anyone who has a constructive comment to share. But please please, please be civil and relevant.”

Between the 81 Issues (42 open, 39 closed) and 16 pull requests submitted at the time this story was published, some thoughtful advice could be found, but most of the wisdom of the crowd is trolling, like a pull request suggesting a rewrite. Design it as a story about a bee.

There are more significant criticisms, such as Issue #37, where software engineer at Google, Karan Goel, asks Lummis to explain the contradictory statements about holding Bitcoin personally and at the same time keeping it in blind trust – while drafting a law, there are more significant criticisms of Bitcoin assets. personally checking. Regulating Bitcoin sounds a lot like a conflict of interest. GitHub Issue was closed immediately.

Another Issue #95, titled “I would never have expected the government to support pyramid schemes, but unfortunately, here we are” was shut down due to the existence of a similar open Issue #9, “Ban the crypto since its inception. [sic] A pyramid scheme.” Issue 30, “This bill is missing a provision that would imprison all crypto businessmen, crooks, and cult leaders.”

Then there’s Issue 19, titled “Crypto is a time bomb,” by Chris Shaffer, president of New York-based software consultancy Scout Corp and former CTO of a blockchain firm.

“‘Blockchain’ is nothing more than a buzzword that exists to confuse ordinary people with giving their money to charlatans,” he wrote, calling for strong regulation. “The ecosystem is a collection of Rube Goldberg devices designed to make compliance with taxes, money laundering, disclosure, liability, and other laws difficult, if not impossible. It’s the point. There’s no baby to throw with it. bathwater.”

Issue #119 by computer scientist Philip Hallam-Baker questioned GitHub’s choice as an appropriate forum for its technical limitations and the type of audience it attracts.

“’Cryptocurrencies’ are a financial issue, not a technology issue,” he wrote. “Taking the matter primarily technical and directing the discussion to a technology-focused site invites input from people whose primary expertise is technology, many of whom have little interest in understanding how financial markets work in practice.”

Looking beyond the other snark, there are posts that try to make constructive suggestions like Issue #25, “Prohibit the use of digital assets as support for stablecoins/’algorithmic stablecoins'”, among others.

Eventually, legislators and lobbyists will rework the language to address concerns of financial firms that are likely to be affected if the bill passes and becomes law. Maybe some campaign donations will follow. The authors of the bill are not required to do anything with any of these GitHub posts, but they can take credit for meeting the technicians at their site. ®

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