Professional-Bitcoin Senator Introduces Complete US Crypto Regulation

Pro-Bitcoin US Senator Cynthia Lummis has reportedly unveiled her plan to introduce comprehensive crypto law that covers everything from taxation and categorization of cryptocurrencies to consumer protection. The bill also provides for the creation of a new entity to oversee the digital asset market.

Comprehensive US crypto law, says Senator

U.S. Senator Cynthia Lummis is reportedly preparing to enact comprehensive crypto law next year. The Wyoming Republican senator said the bill will cover everything from taxation and categorization of cryptocurrencies to consumer protection, Bloomberg reported Thursday.

The bill will provide clear guidance on which asset class a given asset belongs to and will also provide a framework for regulating stablecoins, a senior adviser to the news agency’s senator said. It is also proposed to create a new crypto market oversight unit, operating under the joint jurisdiction of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).

Lummis is a member of the Senate Banking Committee. She has repeatedly said that Bitcoin is a great store of value. The Senator recently confirmed that she owns around five bitcoins and has no plans to sell them. Her BTC is part of a broad portfolio that includes her family’s cattle ranches.

In October, Lummis said in Congress, “Thank goodness for bitcoin and other non-fiat currencies that transcend the irresponsibility of governments, including our own.”

Several bills have already been introduced in Congress to regulate the crypto sector. In August, US MP Don Beyer presented the “Digital Asset Market Structure and Investor Protection Act”. The bill gives the SEC authority over digital assets and the CFTC authority over digital assets.

In April, the US House of Representatives passed a bill tabled by pro-Bitcoin Congressman Patrick McHenry calling on the SEC and the CFTC to “establish a working group focused on digital assets.”

In August, two U.S. lawmakers asked the chairman of the SEC and the incumbent chairman of the CFTC to create a joint working group to regulate crypto assets. Further efforts to regulate the crypto industry are the “Digital Commodity Exchange Act of 2020 (DCEA)” and the “Crypto-Currency Act of 2020”.

Tags in this story

Bitcoin Bill, CFTC, Clear Crypto Law, Crypto Regulation, Cryptocurrency Act, Cryptocurrency Act, Cryptocurrency Act, Cryptocurrency Regulation, Cynthia Lummis, SEC, US Congress, US Crypto Regulation, US Senator

What do you think of Senator Lummis planning to introduce a comprehensive bill on cryptocurrencies? Let us know in the comment section below.

Kevin Helms

Kevin, a student of Austrian economics, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economy and cryptography.

Photo credit: Shutterstock, Pixabay, Wiki Commons

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