Wyoming Republican Senator Cynthia Lummis, one of the top supporters of the crypto industry in the US Congress, will introduce a bill next year that would cover everything from taxing and classifying digital assets to protecting consumers.
If the bill is passed, regulators will have clear guidance on asset classifications, consumer protection and stablecoin regulation. There would also be a new organization to oversee the digital asset market under the control of the Commodity Futures Trading Commission and the Securities and Exchange Commission.
Senate Banking Committee member Lummis is considered by the crypto community as a key advocate of cryptocurrency, in which she also has a personal investment. In October she reported buying between $50,001 and $100,000 worth of Bitcoins over the course of a year.
The bill still must be approved by the Senate, and this will not be easy if we consider how divided this chamber is.