Senator Lummis To Propose New Bitcoin Bill

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  • Senator Lummis is planning to introduce a detailed bill on Bitcoin and crypto next year.
  • The bill would provide guidelines for categorizing digital assets and create a new regulatory agency to oversee the cryptocurrency market.

Pro-bitcoin U.S. Senator Cynthia Lummis is preparing to introduce a comprehensive cryptocurrency bill next year that would define how to classify and tax different digital assets.

“Welcome bipartisan cosponsors! Please encourage your senator to reach out and consider it,” Lummis tweeted, quoting Bitcoin Magazine’s tweet announcing the news.

A senior aide for the senator told Bloomberg that, if enacted, the bill would “provide regulators with clear guidance on which assets belong to different asset classes, offer protections for consumers, regulate stablecoins, and create a new organization under the joint jurisdiction of the Commodity Futures Trading Commission and the Securities and Exchange Commission to oversee the digital asset market.”

Since its inception, Bitcoin has brought innovation to the U.S. and uncertainty to its regulatory body. As the monetary network advances in usage and recognition across the country, Washington has had a hard time figuring out how to fit the new technology under existing legislation.

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