US Senator supporting Bitcoin may soon introduce crypto bill


US Senator Cynthia Lummis is planning to introduce a bill that will make major changes to the legal and regulatory framework for cryptocurrencies. Cynthia is one of two current senators who have bitcoin in their investment portfolio. The bill will also include the creation of a new body for consumer protection and monitoring of the digital asset market. The organization will be under the jurisdiction of both the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).

As Bloomberg reports, the bill includes creating a new regulatory body for crypto-related matters. The bill may also lay down how different types of crypto assets are to be classified for regulatory purposes. Cynthia, a frequent advocate of bitcoin, hopes to be able to agree on a legal framework for digital assets that will address a range of issues. Due to his support for the crypto industry, he recently asked the US Congress in an editorial in the New York Times to block the nominations of Jerome Powell and Lael Brainard to the Federal Reserve. The reason for this was the political attitude of both of them regarding digital assets. Cynthia’s home state of Wyoming has passed some laws in favor of crypto.

There is no consensus on the way cryptocurrencies are regulated in the US. The crypto industry, Congress and regulators all say it needs to be regulated but there is opposition as to how and who will regulate it. Gary Gensler, chairman of the US Securities and Exchange Commission, says that crypto markets should be brought under the SEC because many assets listed on crypto exchanges can be classified as securities. CFTC chief Rostin Behnam has sought to bring it under his agency. The CFTC already controls derivatives products such as bitcoin futures.

The issue of bitcoin being a security has been debated by the SEC before, and it has determined that bitcoin is not a security. The CFTC believes that bitcoin is a digital commodity. On the other hand, the IRS says that bitcoin and other digital currencies can be classified as property. Firms associated with the crypto industry in the US also want clear regulation for this segment.

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