Pro-bitcoin Senator Cynthia Lummis of the United States is planning to present a comprehensive crypto bill next year that will explain how different digital assets will be classified and taxed.
Pro-Bitcoin Senator Proposes Crypto Bill
Senator Cynthia Lummis, a Bitcoin evangelist, plans to introduce a comprehensive crypto bill in the new year.
Lummis’ proposed bill, according to Bloomberg, aims to establish regulatory clarity on stablecoins, instruct regulators on which cryptos belong to which asset classes, and provide consumer protections. In addition, the senator is said to have advocated forming an institution to regulate the crypto market under the joint jurisdiction of the Securities and Exchange Commission and the Commodity Futures Trading Commission.
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The bill would be one of Congress’ first attempts to create comprehensive crypto legislation, and it would have to pass through a Senate that is divided on the issue. Meanwhile, officials at the Federal Reserve, the Treasury Department, and other agencies are considering their own regulations for various aspects of the cryptocurrency industry.
On Twitter, Lummis urged Americans to contact their senators and encourage them to support the bill, adding that she was looking for bipartisan cosponsors. Despite being a staunch conservative who voted against a commission to investigate the Capitol attack on Jan. 6 and against impeaching the former president, the Wyoming worked with Democrats Mark Warner and Kyrsten…