The pro-bitcoin U.S. Senator Cynthia Lummis has reportedly unveiled her plan to introduce a comprehensive crypto bill that will cover everything from how cryptocurrencies are taxed and categorized to consumer protections. The bill will also propose creating a new entity to oversee the digital asset market.
U.S. Senator Cynthia Lummis is reportedly preparing to introduce a comprehensive crypto bill next year. The Republican senator from Wyoming explained that the bill will cover everything from how cryptocurrencies are taxed and categorized to consumer protections, Bloomberg reported Thursday.
The bill will provide clear guidance on which asset class a particular asset belongs to and will also establish a framework to regulate stablecoins, a senior aide for the senator told the news outlet. In addition, it will propose creating a new entity to oversee the crypto market that will operate under the joint jurisdiction of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).
Lummis is a member of the Senate Banking Committee. She has repeatedly said that bitcoin is a great store of value. The senator recently confirmed that she owns about five bitcoins and has no plan to sell 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.”
Several bills have already been introduced in Congress with the intention of regulating the crypto 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.”
In August, two U.S. lawmakers urged the chairman of the SEC and the acting chairman of the CFTC to establish a joint working group for the 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.”
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