2 years ago
Publish date:
Dec 23, 2021
The measure would found a clearer model for U.S. regulators to woody with Bitcoin and cryptocurrency.
The measure would found a clearer model for U.S. regulators to woody with Bitcoin and cryptocurrency.
- Senator Lummis is readying to present a elaborate measure connected Bitcoin and crypto adjacent year.
- The measure would supply guidelines for categorizing integer assets and make a caller regulatory bureau to oversee the cryptocurrency market.
Pro-bitcoin U.S. Senator Cynthia Lummis is preparing to present a broad cryptocurrency measure adjacent twelvemonth that would specify however to classify and taxation antithetic integer assets.
“Welcome bipartisan cosponsors! Please promote your legislator to scope retired and see it,” Lummis tweeted, quoting Bitcoin Magazine’s tweet announcing the news.
A elder adjutant for the legislator told Bloomberg that, if enacted, the measure would “provide regulators with wide guidance connected which assets beryllium to antithetic plus classes, connection protections for consumers, modulate stablecoins, and make a caller enactment nether the associated jurisdiction of the Commodity Futures Trading Commission and the Securities and Exchange Commission to oversee the integer plus market.”
Since its inception, Bitcoin has brought innovation to the U.S. and uncertainty to its regulatory body. As the monetary web advances successful usage and designation crossed the country, Washington has had a hard clip figuring retired however to acceptable the caller exertion nether existing legislation.
On December 8, main executives of salient cryptocurrency companies joined the U.S. House of Representatives for a proceeding that sought to enlighten lawmakers connected the tech’s novelty, as, according to the hearing’s person Rep. Maxine Waters, “several questions stay arsenic to however accepted rules apply” to the plus class. The C-level executives argued that Bitcoin and cryptocurrencies are fundamentally antithetic from the established strategy and suggested lawmakers should see penning circumstantial authorities for the industry.
Lummis is outspoken astir Bitcoin and its benefits, arsenic good arsenic astir her enactment for the technology. The legislator besides has drawn a dividing line betwixt Bitcoin and different cryptocurrencies, saying successful November that the peer-to-peer monetary web is “fully decentralized” and “clearly a commodity” portion “everything other has to beryllium monitored differently,” likening their behaviour to that of securities.
In the erstwhile month, Lummis had criticized her colleagues’ support of the American indebtedness bounds summation by $480 billion, saying that Bitcoin is simply a blessing of God amid irresponsible policies astatine the authorities level.
Lummis had betwixt $100,001 and $250,000 worthy of bitcoin arsenic of December 2020, according to her financial disclosures, and has since bought at least $50,000 much of BTC.
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