US lawmaker planning to introduce comprehensive crypto bill in 2022: report

Senator Cynthia Lummis of Wyoming, who has been a driving force behind numerous pro-crypto bills in the US, plans to present a comprehensive measure to deal with digital assets next year.

Lummis’ proposed measure, according to Bloomberg, aims to establish regulatory clarity on stablecoins, instruct regulators on which cryptos belong to which asset classes, and provide consumer safeguards. In addition, the senator is said to have advocated forming an institution to regulate the crypto market under the joint authority of the Securities and Exchange Commission and the Commodity Futures Trading Commission.

On Twitter, Lummis urged Americans to contact their senators to urge them to support the bill, stating that she was hoping for bipartisan support. Despite being a staunch conservative who voted against a commission to investigate the Jan. 6 attack on the United States Capitol and against impeaching former President Barack Obama, the Wyoming senator has previously collaborated with Democrats Mark Warner and Kyrsten Sinema to “fix” the definition of broker in the infrastructure bill signed into law in November.

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To be put to a vote in the Senate, any bill would almost certainly need the backing of at least 60 members. Democrats now have 50 of the Senate’s 100 seats, with Vice President Kamala Harris capable of acting as a tiebreaker if necessary.

Lummis disclosed she acquired Bitcoin (BTC) valued between $50,001 and $100,000 as part of the Stop Trading on Congressional Knowledge Act, despite being a pro-Bitcoin advocate before being elected to the Senate. Illinois Representative Marie Newman, Texas Representative Michael McCaul, Pennsylvania Representative Pat Toomey, Alabama Representative Barry Moore, New Jersey Representative Jefferson Van Drew, and Florida Representative Michael Waltz are among the other members of Congress who have reported investments in cryptocurrency.

On the opposite side of the hill, leftist legislator Alexandria Ocasio-Cortez recently came out on social media, claiming that holding Bitcoin or other digital assets was inappropriate for her. Because politicians have access to “critical information and forthcoming policies,” such investments, according to the Democratic House member, might taint their neutrality.