Pro-bitcoin US Senator Cynthia Lummis has reportedly unveiled plans to present a comprehensive crypto bill that will cover everything from taxation and categorization of cryptocurrencies to consumer protection. The bill will also propose to create a new entity to oversee the digital asset market.
Full Crypto Bill Coming to US, Says Senator
US Senator Cynthia Lummis is reportedly preparing to introduce a full crypto bill next year. The Republican senator from Wyoming explained that the bill would 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 also establish a framework for regulating stablecoins, a senior adviser to the senator told the media outlet. In addition, he will propose to create 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 said repeatedly that bitcoin is a great store of value. The senator recently confirmed that she owns around five bitcoins and does not intend to sell them. Her BTC is part of a large portfolio that includes his family’s cattle ranches.
In October, Lummis told Congress, “Thank goodness for bitcoin and other non-fiat currencies, which transcend the irresponsibility of governments, including ours.”
Several bills have already been introduced in Congress with the aim of regulating the crypto industry. In August, US Representative Don Beyer introduced the “Digital Asset Market Structure and Investor Protection Act”. The bill gives the SEC authority over digital asset securities and the CFTC authority over digital assets.
In April, the US House of Representatives passed a bill introduced by pro-bitcoin congressman Patrick McHenry that requires the SEC and CFTC to “establish a task force focused on digital assets.”
In August, two U.S. lawmakers urged the chairman of the SEC and the acting chairman of the CFTC to create a joint task force 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”.
What do you think of Senator Lummis’ intention to bring forward a comprehensive cryptocurrency bill? Let us know in the comments section below.
Image credits: Shutterstock, Pixabay, Wiki Commons
Warning: This article is for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, nor a recommendation or endorsement of any product, service or business. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, good or service mentioned in this article.