Bitcoin evangelist Cynthia Lummis is planning to introduce a comprehensive crypto bill next year.
By creating a new regulatory body overseen by the Commodity Futures Trading Commission and the Securities and Exchange Commission, cryptocurrency would be regulated. Also, Stablecoins would be regulated, crypto tax laws would be established, and consumer protections would be established.
As one of Congress’s first attempts at crypto regulation, Lummis’ proposal would have to pass the Senate, split on digital asset regulation. Insider wasn’t able to reach Lummis immediately for comment. In the meantime, regulators at the Federal Reserve, Treasury Department, and other agencies are exploring their own rules for various aspects of crypto.
Lummis is a crypto enthusiast and owns five bitcoin worth about a quarter-million dollars. According to the Wall Street Journal, she is the one among two senators who have invested in cryptocurrencies.
Before being elected senator, Lummis was a pro-Bitcoin advocate and has since declared she acquired Bitcoins (BTC) worth between $50,001 and $100,000 through the Stop Trading on Congressional Knowledge Act. Lummis is also a member of the Senate Banking Committee, which oversees banks and coinage, and has asked crypto-industry experts about digital assets.
A recent op-ed in the New York Times, which Lummis wrote, highlighted her support for the crypto industry, asking Congress to block the nominations of Jerome Powell and Lael Brainard to the Federal Reserve due to their approach to digital assets in her home state, which has passed multiple crypto-friendly laws.
