THELOGICALINDIAN - Probitcoin Senator Cynthia Lummis of the United States is planning to present a absolute crypto bill abutting year that will explain how altered agenda assets will be classified and taxed
Pro-Bitcoin Senator Proposes Crypto Bill
Senator Cynthia Lummis, a Bitcoin evangelist, affairs to acquaint a absolute crypto bill in the new year.
Lummis’ proposed bill, according to Bloomberg, aims to authorize authoritative accuracy on stablecoins, acquaint regulators on which cryptos accord to which asset classes, and accommodate customer protections. In addition, the agent is said to accept advocated basic an academy to adapt the crypto bazaar beneath the collective administration of the Securities and Exchange Commission and the Commodity Futures Trading Commission.
The bill would be one of Congress’ aboriginal attempts to actualize absolute crypto legislation, and it would accept to canyon through a Senate that is disconnected on the issue. Meanwhile, admiral at the Federal Reserve, the Treasury Department, and added agencies are because their own regulations for assorted aspects of the cryptocurrency industry.
On Twitter, Lummis apprenticed Americans to acquaintance their senators and animate them to abutment the bill, abacus that she was attractive for bipartisan cosponsors. Despite actuality a allegiant bourgeois who voted adjoin a agency to investigate the Capitol advance on Jan. 6 and adjoin impeaching the above president, the Wyoming formed with Democrats Mark Warner and Kyrsten Sinema to “fix” the analogue of agent in the basement bill active into law in November.
Welcome bipartisan cosponsors! Please animate your agent to ability out and accede it. https://t.co/ndIfFAkj0L
— Cynthia Lummis 🦬 (@CynthiaMLummis) December 23, 2021
Any bill alien in the Senate would charge the abutment of at atomic 60 senators to be advised for a vote. Democrats currently accept 50 of the Senate’s 100 seats, with Vice President Kamala Harris acting as a tiebreaker in the accident of a tie.
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Senator Lummis Owns Bitcoin
Lummis declared she purchased Bitcoin (BTC) account amid $50,001 and $100,000 as allotment of the Stop Trading on Congressional Knowledge Act, admitting actuality a pro-Bitcoin apostle afore actuality adopted to the Senate.
Lummis has been articulate about Bitcoin and its advantages, as able-bodied as her abutment for the technology. In November, the agent drew a band amid Bitcoin and added cryptocurrencies, adage that the peer-to-peer budgetary arrangement is “fully decentralized” and “clearly a commodity,” while “everything abroad has to be monitored differently,” comparing their behavior to that of stocks.
Lummis has ahead chastised her colleagues for voting to accession the US debt beam by $480 billion, advertence that Bitcoin is a allowance from God in the face of bad government policies.
Her abutment for the crypto industry prompted her to address an op-ed for the New York Times, advancement Congress to block the nominations of Jerome Powell and Lael Brainard to the Federal Reserve Board of Governors because of their “political access to agenda assets” in her home state, which has anesthetized a cardinal of crypto-friendly laws.
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