U.S. Sen. Cynthia Lummis plans to introduce a comprehensive digital asset policy law next year, Bloomberg reported earlier today.
The law would cover everything from stable coins to taxes and introduce a new regulatory body tasked with overseeing the cryptocurrency market.
The integration of Bitcoin into the American financial system
The Republican senator from Wyoming has a vision of the future of the U.S. financial system, which includes a dollar that exists side by side with cryptocurrencies. One of the most demanding supporters of the crypto industry, Cynthia Lummis plans to achieve this through a comprehensive digital policy bill to propose to Congress next year.
According to a senior aide in Lummis’ office, the senator wants “nothing but complete normalization” for digital assets in the United States.
Its forthcoming law will reportedly cover everything from stable coins to taxes and include extensive consumer protection provisions to satisfy existing market regulators.
In addition, the bill will also propose the establishment of a new supervisory body in charge of supervising the cryptocurrency market. The new regulatory body would be under the joint jurisdiction of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).
And while many of these issues are already regulated in the U.S., the laws apply only at the state level and the country lacks a single federal law.
While this would not be the first time Congress has debated a law focusing on digital assets, Lummis ’law is the first proposed policy that does not want to shackle the crypto industry. Earlier this year, Congress approved President Joe Biden’s infrastructure law, which included a controversial clause requiring cryptocurrency miners to register as broker-dealers. At the time, Senator Ted Cruz claimed the provision would do billions of dollars in damage to the crypto industry.
In October this year, Senator Lummis tried to add an amendment to the infrastructure law that would limit the problematically broad definition of who qualifies as a crypto broker.
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