A US senator known for cryptocurrency advocacy is reportedly planning to introduce a bill next year that will change the way regulators treat digital assets.
According to Bloomberg, Republican Senator Cynthia Lumis of Wyoming, who herself owns bitcoin (BTC), intends to propose a comprehensive bill in 2022 that would change the way crypto assets are taxed and classified.
A senior Loomis official told Bloomberg that if passed, the law would guide regulatory groups on how to properly classify digital assets, provide protection for investors, and regulate stablecoins. .
It will also create a new agency under the direction of the Commodity Futures Trading Commission (CFTC) and the US Securities and Exchange Commission (SEC) to oversee the crypto market, although no name was given for the organization.
Lummis, who bought $50,000 to $100,000 worth BTC made the first statement in August recommending bitcoin as a hedge against inflation, according to an SEC disclosure filing.
“I encourage people to buy and hold. I encourage them to save bitcoin for their retirement, their future.
This is because Congress spends trillions and trillions on our economy and with the US dollar on the world economy, there is no way we cannot reduce the value of the US dollar.
While this may be the first time that a comprehensive bill to regulate cryptocurrencies will be proposed to the US Senate, Loomis made progress in June when he, along with five other senators, appointed the Senate’s bipartisan Financial Innovation Caucus as a leading innovation in fintech. Launched as a way, 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.
This is a huge, often understated benefit for every American. We need to 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 we are experiencing today. “
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