US prepares a comprehensive bill to regulate cryptocurrencies

The proposal was made by Senator Cynthia Lummis, who owns bitcoins

24.12.2021 - 08:45

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2 min

What’s new? According to the Bloomberg report, Wyoming Republican Senator Cynthia Lummis plans to introduce a comprehensive bill to regulate crypto assets. The law will cover all areas of digital asset regulation, from taxation and categorization to consumer protection.

The Bloomberg material

What are the details of the new bill? The Lummis proposal will provide detailed guidance on cryptocurrencies for all regulators. The bill will divide the digital assets into classes, define consumer rights and finalize the legal status of stablecoins. It will also create an organization under the joint jurisdiction of the SEC and the CFTC to oversee the cryptocurrency market.

What is Cynthia Lummis known for? Lummis is a member of the Senate Banking Committee. She is considered the main cryptocurrency advocate in the US government. This year, according to the reports, Lummis purchased between $50 000 and $100 000 worth of bitcoins. Also, together with other senators, she collects donations as part of the support of cryptocurrencies.

On her Twitter, Lummis urged the voters to appeal to their senators with a request to support the bill. She said she is looking for bipartisan co-authors.

Welcome bipartisan cosponsors! Please encourage your senator to reach out and consider it. https://t.co/ndIfFAkj0L— Cynthia Lummis 🦬 (@CynthiaMLummis) December 23, 2021