US lawmaker Lummis to submit comprehensive crypto bill next

US lawmaker Lummis to submit comprehensive crypto bill next

US Senator Cynthia Lummis, a staunch crypto advocate, is planning to submit a comprehensive cryptocurrency bill in 2022. The bill aims to establish a clear framework that defines different digital asset classification and taxation methods, Bloomberg reported Thursday.

According to the report, the Senator’s proposal will include information on the classification of crypto assets, consumer protection, stablecoin regulation, and the creation of a new regulatory body that will oversee the crypto market. The organization will be under the joint jurisdiction of the US SEC and CFTC.

Lumis tweeted the news, saying she is looking for bipartisan cosponsors, and asked its followers to encourage their senators to support the bill. The bill, if materialized, will have to pass through the senate to become a law. However, the committee has largely been split over regulations on digital assets.

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

Senator Cynthia Lumis is a Republican from Wyoming, which is currently one of the leading regions, along with Texas and Florida, to promote digital assets in the United States. She was also one of the lawmakers to propose to amend the definition of crypto broker in the US infrastructure bill

The Republican lawmaker first bought bitcoins in 2013 when it was trading at $330 per BTC. Lumis is now one of the only two senators to hold crypto assets. Her annual financial disclosure file submitted to the Senate in August revealed that she holds $100,000 to $250,000 worth of Bitcoin. In addition, Lumis also accepts political donations in Bitcoin from Bitpay’s platform.

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