TL;DR Breakdown
- Republican Senator Lummis will propose a new crypto regulator in Congress next year.
- The proposal will be a part of her digital asset policy bill.
- The self-regulatory organization will be administered by the SEC.
US Senator Cyntia Lummis from Wyoming is one of the biggest advocates for cryptocurrency in the US Senate. As reported by a source of CoinDesk, Senator Lummis is preparing to present a new regulatory body for cryptocurrencies to Congress next year. This proposal will be a part of her digital asset policy bill, which will seek to create a convenient and safe framework for cryptocurrency trading in the US.
Crypto has been a grey area for US politicians. While some politicians are going as far as receiving their salary in Bitcoin, others are completely against its adoption. Senator Lummis has always been vocal about normalizing crypto and other digital assets. Her upcoming Congress bill will address this vision of crypto normalization in the US.
The bill will include several policy proposals such as consumer protection provisions, new federal rules for administrating stablecoins, and also updated crypto taxation policies. The highlight of the new bill will be a new self-regulatory body administered by the SEC. A lot of these regulations are already functional at the state level. The new bill will seek to bring these regulations under the federal umbrella.
Senator Lummis shows great commitment to Bitcoin’s potential
Cyntia Lummis is the only member of the Senate Banking Committee who publicly advocates for Bitcoin, both as a politician and a trader. As revealed in a previous interview, the Senator herself holds five bitcoin. She bought her first BTC back in 2013 when it was priced at only $320. In the interview, she also revealed that she had never sold her bitcoin, as she believes in the concept of HODLING.
If passed by Congress, Senator Lummis crypto and digital assets bill will surely eliminate a lot of FUD in the US crypto market. Currently, the global crypto market is looking to recover from its month-long crash, as Bitcoin prices rise above $50k for the first time in 2 weeks.
