THELOGICALINDIAN - Senator Lummis angle includes accumulation the SEC and CFTC into one bureau
Senator Cynthia Lummis (R-WY) affairs to adduce a new bill for the cryptocurrency industry abutting year.
Republican Senator Will Present Comprehensive Crypto Bill
U.S. Senator Cynthia Lummis, Republican from Wyoming and a acclaimed Bitcoin supporter, is proposing a across-the-board authoritative bill for the agenda assets industry in aboriginal 2022.
According to a Bloomberg report, the proposed bill includes guidelines and overarching regulations on taxation, abiding coins, and customer protection. Furthermore, the bill proposes a new authoritative accumulation that combines top banking regulators in the U.S.—the Securities and Exchange Commission and Commodity Futures Trading Commission.
In a Twitter post, the administrator requested followers to accumulate Senate abutment for her bill. “Welcome bipartisan cosponsors! Please animate your agent to ability out and accede it,” Lummis said, apropos to the proposed bill.
Lummis has bidding abutment for crypto several times in the past. She is an broker and has clearly appear owning 5 Bitcoin, account almost $250,000 at the time of writing.
With the barring of Senator Pat Toomey (R-PA), Lummis is the alone baronial affiliate of the Senate Banking Committee that has crypto exposure. Both senators against a accouterment in the U.S basement bill that independent a accouterment on cryptocurrency brokers to adviser address affairs for tax purposes.
Crypto Guidelines Long Overdue
In the U.S., absolute and bright guidelines about the crypto industry accept been continued overdue. There are challenges for companies alive in the United States, the primary actuality the abridgement of authoritative and authoritative clarity. Even in the assuming of cryptocurrency, there assume to be key differences.
The SEC has continued deliberated whether cryptocurrencies are balance and has assured that Bitcoin is not a security, admitting CFTC treats Bitcoin as a agenda commodity. In contrast, the IRS treats Bitcoin and agenda currencies as property.
This inconsistent analysis presents challenges for companies gluttonous to accomplish aural the absolute authoritative framework. The abridgement of a abridged authoritative framework for the industry was one claiming again accent by crypto CEOs in their recent testimony afore the U.S. Congress.
The proposed bill from Lummis may advice ample the authoritative gap. However, the proposed legislation may face attrition from political opponents due to Lummis’ advance in Bitcoin as a abeyant battle of interest.
Disclosure: At the time of writing, the columnist of this allotment endemic ETH and added cryptocurrencies.
