Senator Cynthia Lummis, a pro-bitcoin Democrat, is allegedly planning to introduce a broad cryptocurrency bill that will address everything from how cryptocurrency is categorized and taxed to consumer protection. The bill also calls for establishing a new entity to manage the digital asset market.
U.S. Senator Cynthia Lummis is reportedly preparing to present a comprehensive crypto bill in the coming year. A Republican Senator from Wyoming stated that the legislation would include everything from how cryptocurrency is classified and taxed to consumer security measures, Bloomberg reported Thursday.
The bill will give clear instructions about the class of asset an asset is part of and create an appropriate framework for regulating stablecoins. A senior aide of the senator told the newspaper. Additionally, it will suggest making a new body to regulate the crypto market, operating under the joint authority of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).
Lummis is an active member of the Senate Banking Committee, and she has frequently stated that bitcoin is an excellent storage option. Senator Lummis has recently revealed that she holds five bitcoins but has no plans to sell the coins. She says her BTC makes up a part of her broad asset portfolio, including her family’s cattle ranches.
In October Lummis declared in Congress In October, Lummis told Congress: “Thank God for bitcoin as well as other non-fiat currencies which transcend the responsibilities of government, including our own.
A number of bills have come up in Congress intending to regulate the crypto industry. The month of August saw U.S. Rep. Don Beyer introduce the “Digital Asset Market Structure and Investor Protection Act.” The bill grants the SEC the authority to regulate digital asset securities and the CFTC to regulate digital assets.
In April, the U.S. House of Representatives passed a bill proposed by a pro-bitcoin congressman, Patrick McHenry, that calls for the SEC as well as the CFTC “to establish a working group focused on digital assets.”