A U.S. senator known for her crypto advocacy is reportedly planning to introduce a bill next year that would revise the way regulators treat digital assets.

Republican Senator Cynthia Lummis of Wyoming, who herself owns Bitcoin (BTC), intends to propose a major bill in 2022 that would change the way crypto assets are taxed and categorized, according to Bloomberg.

A senior Lummis official told Bloomberg that if passed, the legislation would give direction to regulatory groups on how to properly classify digital assets, offer protections to investors and regulate stablecoins.

It would also create a brand new agency under the direction of the Commodity Futures Trading Commission (CFTC) and the United States Securities and Exchange Commission (SEC) to oversee the crypto market, although no name for the organization. has not been given.

Lummis, who bought for $ 50,000 to $ 100,000 from BTC in August, according to an SEC Disclosure File, had previously made statements recommending Bitcoin as an inflation hedge.

“I encourage people to buy and keep. I encourage them to save Bitcoin for their retirement, their future.

This is because, while Congress spends billions and billions of billions to flood our economy and the global economy with US dollars, there is no way we can depreciate the value of the US dollar.

While this may be the first time that a comprehensive bill to regulate cryptocurrencies has been proposed to the U.S. Senate, Lummis made progress in June when she, along with five other senators, launched the Caucus. Senate financial innovation bipartite as a way to pioneer innovation in financial technology, consumer protection and digital assets.

“The United States is the world leader in the global financial system, but this position is a privilege, not a right.

It is also a huge, often underestimated, benefit for every American. We must work together to bring our financial system into the 21st century to maintain our leadership and ensure that future Americans can enjoy the same opportunities and prosperity that we experience today.

Check the price

Don’t Miss a Beat – Subscribe to receive crypto email alerts straight to your inbox

follow us on Twitter, Facebook and Telegram

Surf the daily Hodl Mix


Check out the latest news headlines

Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high risk investments in Bitcoin, cryptocurrency, or digital assets. Please note that your transfers and transactions are at your own risk and that any loss you may incur is your responsibility. The Daily Hodl does not recommend buying or selling cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in Affiliate Marketing.

Featured Image: Shutterstock / Sergey Nivens

About The Author

Related Posts