One of the first attempts at a comprehensive crypto bill is due from bitcoin evangelist Cynthia Lummis next year: report
- Sen. Cynthia Lummis is planning on introducing a broad crypto bill in 2022, Bloomberg reported.
- The bill would create a new crypto regulatory body and establish digital asset tax laws.
- Lummis, a Wyoming Republican, is a staunch crypto supporter who owns five bitcoin worth about $250,000.
Bitcoin evangelist and US Senator Cynthia Lummis is planning on introducing a comprehensive crypto bill in the new year, according to a report from Bloomberg.
The legislation would create a new regulatory body, overseen by the Commodity Futures Trading Commission and the Securities and Exchange Commission, that governs cryptocurrencies, Bloomberg said, citing a staffer. The bill would also regulate stablecoins, establish crypto tax laws, and create consumer protections, according to the report.
The bill, Bloomberg said, would be one of Congress' first attempts at creating broad crypto rules and would have to pass through a Senate that's relatively split on digital asset regulation. Insider could not immediately reach Lummis for comment.
Meanwhile, regulators at the Federal Reserve, Treasury Department and other agencies are exploring their own rules for various corners of the crypto space.
Lummis, a Republican from Wyoming, is a staunch crypto supporter and owns five bitcoin, worth about a quarter of a million dollars. She's one of only two senators invested in cryptocurrencies, according to a prior report from the Wall Street Journal.
Lummis is also one of the members of the Senate Banking Committee, which oversees banks and coinage and has questioned crypto-industry experts on digital assets.
Her support for the crypto industry led her recently to write an op-ed for the New York Times asking Congress to block the nominations of Jerome Powell and Lael Brainard to the Federal Reserve over their "political approach to digital assets" in her home state, which has passed multiple crypto friendly laws.