Pro-bitcoin U.S. Cynthia Lummis, a pro-bitcoin U.S. senator has apparently revealed her plan to present a comprehensive bill on crypto that covers everything. This will encompass everything from taxation and classification to consumer protections. A new body will be created to supervise the digital assets market.
A comprehensive Crypto Bill is being considered in the US by Senator
U.S. U.S. Senator Cynthia Lummis is said to be preparing to present a comprehensive cryptocurrency bill in the coming year. Bloomberg reports that Senator Cynthia Lummis, a Republican from Wyoming, explained how the bill will address everything from consumer protections to taxation.
According to a senator senior adviser, the bill will give clear direction on the asset classes that a specific asset is part of and establish regulations for stablecoins. The bill will create a new body to manage the crypto market. It will fall under both the Securities and Exchange Commission and Commodity Futures Trading Commission.
Lummis is an active member of Senate Banking Committee. Lummis has stated repeatedly that bitcoin is an excellent store of value. Recent confirmation by the senator revealed that she has five bitcoins in her possession and plans to keep them. Her BTC is part of a broad portfolio that includes her family’s cattle ranches.
In October, Lummis said in Congress: “Thank God for bitcoin, and other non-fiat currencies, that transcends the irresponsibility of governments, including our own.”
Already, several bills in Congress have been introduced with the aim of regulation the cryptocurrency sector. In August, U.S. Rep. Don Beyer introduced the “Digital Asset Market Structure and Investor Protection Act.” The bill provides the SEC with authority over digital asset securities and the CFTC with authority over digital assets.
In April, the U.S. House of Representatives passed a bill introduced by pro-bitcoin Congressman Patrick McHenry which requires the SEC and the CFTC “to establish a working group focused on digital assets.”
Two U.S. senators urged two U.S. officials to form a joint working party for regulation of crypto assets. Other efforts to regulate the crypto industry include the “Digital Commodity Exchange Act of 2020 (DCEA)” and the “Crypto-Currency Act of 2020.”
How do you feel about Senator Lummis’s plan to introduce a comprehensive crypto bill? Please leave your thoughts in the comment section.
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