A US Senator known for her crypto advocacy is reportedly planning to introduce a bill next year that would overhaul how regulators treat digital assets.
Republican Senator Cynthia Lummis of Wyoming, who herself owns Bitcoin (BTC), intends to propose a sweeping bill in 2022 that would change how crypto assets are taxed and categorized, according to Bloomberg.
A senior official for Lummis told Bloomberg that if passed, the legislation would give guidelines to regulatory groups on how to properly classify digital assets, offer protections for investors and regulate stablecoins.
It would also create a brand new agency under the direction of the Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC) to supervise the crypto market, though no name for the organization was given.
Lummis, who bought $50,000 to $100,000 worth of BTC in August according to an SEC disclosure filing, had previously made statements recommending Bitcoin as a hedge against inflation.
“I encourage people to buy and hold. I encourage them to save Bitcoin for their retirement, their future.
That’s because as Congress spends trillions and trillions flooding our economy and the world economy with US dollars, there’s no way that we cannot debase the value of the US dollar.”
Though this may be the first time a comprehensive bill to regulate cryptocurrencies will be proposed to the US Senate, Lummis made strides in June when she along with five other senators launched the Senate’s bipartisan Financial Innovation Caucus as a way to pioneer innovation in financial technology, consumer protection and digital assets.
“The United States is the world leader in the global financial system, but that position is a privilege, not a right.
It is also a huge, often-underappreciated benefit to every American. We need to work together to bring our financial system into the 21st century in order to maintain our leadership and ensure that future Americans can enjoy the same opportunity and prosperity that we experience today.”
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