US lawmakers aim to introduce comprehensive cryptocurrency law by 2022

Wyoming Senator Cynthia Lummis, one of the U.S. lawmakers behind many pro-crypto pieces of legislation, plans to come up with a comprehensive bill regulating digital assets next year.

Cynthia Lummis, Senator from Wyoming.

In a report on Thursday, Bloomberg said Lummis’ proposed bill should provide regulatory clarity for stablecoins, guide regulators on certain categories of cryptocurrencies, and provide consumer protection measures.

In addition, the US Senator is said to have proposed to set up an organization under the joint jurisdiction of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to oversee the e-money market.

On Twitter, Lummis urged US lawmakers voters to contact their respective senators in support of the bill and said they were looking for bipartisan like-minded people.

Senator Wyoming – despite being a staunch Conservative – previously worked with Democrats Mark Warner and Kyrsten Sinema to attempt to “revise” the definition of broker in the infrastructure bill. Floor went into effect in November.

Any bill tabled in the Senate would require the support of at least 60 lawmakers to be voted on. Currently, the Democrats control 50 of the 100 Senate seats, with Vice President Kamala Harris serving as a decision-maker if necessary.

Lummis, a bitcoin aficionado before she was elected to the Senate, has stated that she bought $ 50,001 to $ 100,000 worth of bitcoin. Other members of Congress reporting on investing with crypto exposure are Illinois Representative Marie Newman, Texas Representative, Michael McCaul, Pennsylvania Representative, Pat Toomey, Alabama Representative, Barry Moore, New Jersey Representative , Jefferson Van Drew and the Florida representative, Michael Waltz.

Progressive lawmaker Alexandria Ocasio-Cortez recently said it was inappropriate for Lummis to hold BTC or other digital assets. Members of the House of Representatives argued that such investments could jeopardize their fairness as lawmakers had access to “sensitive information and upcoming guidelines”.

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