US Senator Cynthia Lummis will present a bill for Bitcoin in 2022 – DiarioBitcoin

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US Senator Cynthia Lummis will present a bill for Bitcoin in 2022 - DiarioBitcoin For Hannah perez

Lummis’s proposal will propose the creation of a new body to oversee the crypto sector and will address the classification of digital assets.


Republican Senator Cynthia Lummis, one of the advocates of Bitcoin The strongest US Congress has, plans to introduce a comprehensive bill for cryptocurrencies next year.

As reviewed Bloomberg, the broad bill will address everything from how digital assets are taxed and categorized to consumer protections. A senior adviser to the senator, who was not identified, revealed the plans to the news outlet.

The project also seeks regulate the stablecoins and create a new regulatory body to oversee the cryptocurrency sector. If approved, it would form a new organization under the joint jurisdiction of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) to oversee the digital asset market, the source said.

Furthermore, it would for the first time offer clear guidance on the classification of different digital assets, an issue on which regulators have struggled to agree and which has sparked several legal disputes.

Lummis demonstrates its commitment to crypto

Lummis, who is the first woman to be a senator from Wyoming, is known in space for being a fervent advocate for digital currencies. She has already rated Bitcoin in the past as a “Great store of value”, and considers that all people should have the flagship cryptocurrency in their portfolio.

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Too highlighted its commitment to working with regulators to provide clearer regulations for the sector; something that he demonstrated this year through various legislative strategies to protect the industry from a controversial section of tax reports included in the Infrastructure Act, which was promoted by the Joe Biden administration.

The member of the Senate Banking Committee has also revealed to be a great investor in Bitcoin. In an October filing with the SEC, Lummis indicated that she had acquired $ 50,000 to $ 100,000 worth of bitcoins in mid-2021. The report made her the first US senator to disclose her asset investments digital.

The senator’s plans come to light shortly after the chief executives (CEOs) of several of the major digital currency companies met in the U.S. House of Representatives for a hearing that sought to answer concerns of lawmakers. around technology, while allowing them to ask regulators for clearer rules for the sector.

The report did not provide details on a timeline for the presentation of the legislative proposal. In any case, as he points out Bloomberg, the project will have to face a tough road through a Senate divided along partisan lines around the issue of cryptocurrency regulation.

The Lummis project will be one of the first attempts to establish comprehensive rules of the game for the growing crypto industry.

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Article by Hannah Estefanía Pérez / Daily bitcoin

Image from Unsplash

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