The crypto regulatory framework has seen immense changes this year, and the same is expected to continue in 2022. Senator Cynthia Lummis, one of the most vocal legislatures in the US regarding cryptocurrencies, has announced plans to table a crypto bill in 2022.
The Wyoming Republican Senator has become popular in the crypto community because of her support for cryptocurrencies. She is also a Bitcoin HODLer.
Lummis to introduce a crypto bill
A Bloomberg report noted that Lummis plans to bring this bill before the US Congress in 2022. Some of the proposals contained within include creating a new regulatory body. The body will involve the Commodities Futures and Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).
This joint regulatory body will have oversight over the cryptocurrency market. However, Lummis has not given a name to this proposed organization.
The other aspect covered in the bill is the regulation for stablecoins. It seeks to launch cryptocurrency taxation laws. Moreover, it seeks to protect cryptocurrency investors by launching consumer protections.
The US Senate is currently split on the issue of digital asset regulations. Hence, the bill will face opposition once brought before the legislative body. Nevertheless, it will be one of the bold steps the US Congress will be taking towards creating a clear crypto regulatory framework.
The issue of the CFTC and the SEC working together to regulate digital assets have been brought before US legislatures several times. In April, the US House of Representatives approved a bill tabled by Congressman Patrick McHenry that required the SEC and the CFTC to work together to regulate digital assets.
In August, US Representative Don Beyer introduced another bill that will give the SEC oversight over digital asset securities and the CFTC oversight over digital assets. the bill was dubbed the “Digital Asset Market Structure and Investor Protection Act.”
Lummis as a vocal crypto supporter
Lummis is a vocal supporter of Bitcoin and cryptocurrencies in general. She has previously stated that Bitcoin can act as a good store of value. She has also confirmed that she owns five Bitcoins and intends to hold them for the long term. She noted that her Bitcoin holdings were part of a diversified portfolio.
Lummis is also a member of the Senate Banking Committee. During a Congressional session in October, she stated, “Thank God for Bitcoin, and other non-fiat currencies, that transcends the irresponsibility of governments, including our own.”
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