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Thursday, January 27, 2022

US Crypto Bill To Be Launched In 2022

Cynthia Lummis, the Senator from Wyoming, has elaborate plans of introducing a new US Crypto bill the following year to handle assets digitally. In a report that was published on Thursday, Bloomberg stated that the proposed bill from Lummis was aimed towards providing regulatory clarity on stablecoins along with a guide regulator as to which cryptocurrency would belong to which asset class.

Further, the Senator has also proposed the creation of an organization under the joint jurisdiction of the Securities and Exchange Commission and the Commodity Futures Trading Commission- that would supervise the market of crypto. 

The US Crypto Bill Might Find Some Support In the Senate

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On Twitter, Lummis asked for the voters in the country to reach out to their respective senators in a bid to support the new US Crypto Bill, as she mentioned that she was looking out for more bipartisan cosponsors.

The senator from Wyoming- despite being quite a staunch conservative who ended up voting against the commission to investigate the Capitol Riots- has, on record, worked with Democrats Kyrsten Sinema and Mark Warner in their attempt to fix the definition of broker in the infrastructure bill. 

Any single legislation to get a new US Crypto Bill in the Senate would definitely require the support of close to 60 lawmakers in order to put up a vote. Currently, the Democrats have control over 50 out of the 100 seats in the Senate, with Vice President Kamala Harris having the power to act as a tiebreaker if required. 

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Several other Senators have condemned the formation of the US Crypto Bill, with progressive lawmaker Alexandria Ocasio-Cortez stating that it was inappropriate for her to hold any cryptocurrency or digital assets, simply because she would have access to sensitive information and upcoming policy.

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