Wyoming Republican senator Cynthia Lummis, one of the main supporters of the crypto industry in the U.S. Congress, plans to introduce a comprehensive bill next year that will cover everything from taxation of digital assets to consumer protection. If the bill is adopted, the regulators will receive clear guidance on asset class division, consumer protection, and stable coin regulation.
The legislation will create a new regulatory body under the control of the Commodity Futures Trading Commission and the Securities and Exchange Commission, which will regulate cryptocurrencies, Bloomberg reported, citing a knowledgeable employee. The law will also regulate stable coins, establish cryptocurrency tax laws, and provide consumer protection, according to the report. This bill will be one of the first attempts by Congress to create broad rules for regulating cryptocurrencies and will have to go through the Senate.
Lummis is a staunch supporter of cryptocurrency and owns Bitcoin. Her support for the crypto industry led to writing an op-ed for the New York Times asking Congress to block Jerome Powell and Lael Brainard's candidatures for the Federal Reserve because of their "political approach to digital assets" in her home state, which has passed multiple crypto-friendly laws.
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