U.S. lawmaker behind pro-crypto legislation to introduce clean crypto bill in 2022

Pro-bitcoin Senator Cynthia Lummis of the United States plans to introduce a comprehensive crypto bill next year that will explain how different digital assets will be classified and taxed.

Pro-Bitcoin Senator Makes Crypto Bill

Senator Cynthia Lummis, a Bitcoin evangelist, plans to introduce a comprehensive crypto bill in the New Year.

Lummis’ bill, according to Bloomberg, aims to establish regulatory clarity on stablecoins, tell regulators which cryptos belong to which asset classes, and provide protections to consumers. In addition, the senator is said to have advocated the creation of an institution to regulate the crypto market under the joint jurisdiction of the Securities and Exchange Commission and the Commodity Futures Trading Commission.

The bill would be one of Congress’ first attempts to create comprehensive crypto legislation, and it would have to go through a divided Senate on the issue. Meanwhile, officials from 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 Tory who voted against a commission to investigate the Jan.6 attack on the Capitol and the impeachment of the former president, Wyoming has worked with Democrats Mark Warner and Kyrsten Sinema to “Correct” the definition of broker in the infrastructure bill signed into law in November.

Any bill presented to the Senate would need the support of at least 60 Senators to be considered for a vote. Democrats currently hold 50 of the 100 Senate seats, with Vice President Kamala Harris playing the tiebreaker role in the event of a tie.

Bitcoin needs to Hold $51k has support. Source: TradingView

Related article | Crypto Needs Regulation To Survive, Says SEC Boss

Senator Lummis owns Bitcoin

Lummis said she bought Bitcoin (BTC) valued between $ 50,001 and $ 100,000 under the Stop Trading on Congressional Knowledge Act, although she was a Bitcoin advocate prior to be elected to the Senate.

Lummis spoke about Bitcoin and its benefits, as well as its support for the technology. In November, the senator drew a line between Bitcoin and other cryptocurrencies, saying the peer-to-peer monetary network is “fully decentralized” and “clearly a commodity” while “everything else needs to be watched. differently, “comparing their behavior to that of actions.

Lummis has previously berated his colleagues for voting to raise the US debt ceiling by $ 480 billion, saying that Bitcoin is a gift from God in the face of bad government policies.

Her support for the crypto industry prompted her to write a editorial for The New York Times, urging Congress to block the appointments of Jerome Powell and Lael Brainard to the Federal Reserve Board of Governors over their “political approach to digital assets” in his home state, which has adopted a certain number of laws favorable to cryptography.

Related article | Paraguay passes bill to regulate crypto, targets mining companies

Featured image from Pixabay, chart from TradingView

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