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U.S. Senator is due to introduce a new comprehensive crypto law next year: Report

A U.S. senator known for her crypto advocacy is reportedly planning to propose a bill next year that would revise how regulators handle digital assets.
Wyoming Republican Senator Cynthia Lummis, who herself Bitcoin (BTC) owns, intends to propose a comprehensive bill in 2022 that would change the taxation and categorization of crypto assets, according to Bloomberg.

A senior Lummis official told Bloomberg that if passed, the bill would provide guidelines for regulatory groups to properly classify digital assets, protect investors and regulate stablecoins.

It would also create a brand new agency, led by the Commodity Futures Trading Commission (CFTC) and the US Securities and Exchange Commission (SEC), to oversee the crypto market, though no name was given for the organization.

Lummis, who, according to a disclosure statement by the SEC, had bought BTC valued at between 50,000 and 100,000 US dollars in August, had previously made statements in which he had Bitcoin as a hedge against inflation recommended.

“I encourage people to buy and hold. I encourage you to save bitcoin for your retirement, your future.

That’s because Congress is spending trillions and trillions in flooding our economy and the global economy with US dollars.

Although this may be the first time the US Senate has passed a comprehensive bill to regulate Cryptocurrencies presented, Lummis made strides in June when she and five other Senators launched the Senate’s bipartisan Financial Innovation Caucus to drive innovation in financial technology. Consumer protection and digital assets.

“The United States is a world leader in the global financial system, but that position is a privilege, not a right.

It’s also a great, often underrated, benefit for any American. We need to work together to move our financial system into the 21st century.

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Source: Crypto News Deutsch

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