US Senator Cynthia Lummis, a part of the US Senate Banking Committee and one of only two serving senators with Bitcoin in her equity investment intends to present legislation that would dramatically change the policy and institutional landscape for cryptocurrency. The bill aims to cover all regulatory challenges, including consumer safeguards, safeguard coin management, and the formation of a new institution to oversee the technology platform market beneath the combined authority of the Commodity Futures Trading Fee (CFTC) and the Securities and Alternate Fee (SEC) (SEC).
According to Bloomberg, the bill would establish a new governing agency to handle cryptocurrency matters. According to reports, the bill would also clarify how various types of cryptocurrency assets are branded for legal reasons, clarify crypto revenue standards, specify regulations for safe coin providers, and include consumer safeguards.
Senator Lummis of the United States, a vocal Bitcoin supporter, is hopeful that she will eventually reach an agreement on a legislative structure for electronic information that settles most of the long-standing issues, including “regulatory jurisdiction, market integrity, self-regulatory organisations, and secure cash.”
Through Twitter, Lummis urged Americans to contact their lawmakers and ask them to support the measure, adding she was searching for bipartisan cosponsors.
To be put to a vote, any measure introduced in the Senate will almost certainly need the backing of at least 60 members.
Democrats now hold 50 of the Senate’s 100 seats, with Vice President Kamala Harris serving as a decider if necessary.
Her support for the crypto commerce prompted her to write an op-ed for the New York Times, urging Congress to block the candidacy of Jerome Powell and Lael Brainard to the Federal Reserve because of their “political approach to digital property” in her home state, which has passed a number of crypto-friendly laws.
Within the United States, crypto laws are at a juncture, with the industry, Congress, and authorities all agreeing that the industry must be controlled, but no one can decide on what and how or by whom.
US SEC Chair Gary Gensler has pushed to maintained and controlled of crypto markets under his business; he has noted out that many assets listed on crypto exchanges are likely to be classified as securities — movable financial instruments similar to shares and bonds. Meanwhile, CFTC Chair Rostin Behnam has advocated for his agency, which has traditionally overseen speculative products such as Bitcoin futures, to be allowed further power.
The SEC has long contested whether or not cryptocurrencies are securities and has concluded that Bitcoin is not a security; nonetheless, the CFTC regards Bitcoin as a virtual asset. However, the IRS regards Bitcoin and other virtual money as assets.
Companies attempting to function under the current regulatory regime encounter problems as a result of this uneven treatment.
In their most recent appearance before the US Congress, crypto CEOs widely advocated the lack of a clear legal regime for the sector.