Senator Lummis will introduce a new crypto bill in 2022 after she made a name for herself within the crypto community for her favorable stance on crypto so let’s read more in today’s crypto news today.
Wyoming Republican Senator Cynthia Lummis became popular in the crypto community for her favorable stance on the matter and now, Senator Lummis will introduce a new crypto bill in 2022. The bill will cover everything from consumer protections to how crypto is taxed and categorized. The main purpose of the bill would be to provide regulations with clearer and precise guidance on which the assets belong to various asset classes in order to regulate stablecoins and to protect consumers.
The bill will see the creation of the new organization that will be under the joint jurisdiction of the US SEC and the community futures trading commission. The reports showed that Cynthia Lummis will be serving on the US Senate Banking Committee but the reports showed that the bill will be facing a tough path in the Senate which is split on every line on the matter of crypto.
As recently reported, pro-BTC senator Cynthia Lummis plans to introduce new legislation and will touch everything from stablecoins to taxes. Lummis is a member of the Senate Banking Committee and one of two senators that have BTC in her portfolio with plans to introduce a new bill that will drastically change the legislative and regulatory landscape for crypto as per the reports. According to the reports, the bill will create a new regulatory body to handle crypto affairs that will be overseen by the US SEC and the CFTC. The bill will establish how different types of crypto assets will be classified for regulatory purposes, outline regulations for the stable coin providers, bring clearer crypto taxation rules, and include consumer protections.
The new Lummis bill is not entirely something out of the dark but it could be considered as a starting point for legislation. Senator Pat Toomey is another regulator that is holding BTC from the Republican rankings and a member of the Senate Banking Committee where the bill would likely be sent for consideration.