U.S. Senator Cynthia Lummis to propose a bill regulating cryptocurrencies

U.S. Senator Cynthia Lummis plans to introduce a bill in 2022 designed to provide clarity on cryptocurrency regulation. It is reported by Bloomberg.

The document is described as ‘comprehensive’. It would cover a range of issues—from taxation to consumer protections.

Lummis’s senior adviser told the publication that, if enacted, the bill would provide government agencies with clear guidance on overseeing the market. The senator plans to clarify the classification of digital assets and to establish rules for stablecoin issuers.

The initiative would also create a market-regulation oversight agency, to be jointly overseen by the SEC and CFTC.

Lummis urged her Twitter followers to contact senators to urge support for the bill. She also noted that she is seeking co-authors who are willing to join the work on the document.

Welcome bipartisan cosponsors! Please encourage your senator to reach out and consider it. https://t.co/ndIfFAkj0L

— Cynthia Lummis 🦬 (@CynthiaMLummis) December 23, 2021

In 2013, Lummis first invested in digital gold and by the end of June 2021 owned 5 BTC. In August she purchased additional cryptocurrency worth between $50,000 and $100,000.

The politician became co-sponsor of an amendment to the infrastructure plan, the initial draft of which drew criticism from the crypto community. However, ultimately President Joe Biden signed it unchanged on this point.

Earlier in December, a group of senators sent a letter to Treasury Secretary Janet Yellen urging clarification of the status of crypto brokers after the infrastructure plan was enacted.

Lummis also signed the letter, along with other politicians.

Follow ForkLog news on VK.