Pro-BTC Senator Cynthia Lummis Will Propose New Crypto Regulator

The pro-BTC senator Cynthia Lummis will propose a new crypto regulator and a new bill that will give the regulators guidance on crypto so let’s read more in our latest Bitcoin news.

The pro-BTC senator Cynthia Lummis plans to introduce new legislation and will touch everything from stablecoins to taxes. Lummis is a member of the Senate Banking Committee and one of two senators that have BTC in her portfolio with plans to introduce a new bill that will drastically change the legislative and regulatory landscape for crypto as per the reports. According to the reports, the bill will create a new regulatory body to handle crypto affairs that will be overseen by the US SEC and the CFTC. The bill will establish how different types of crypto assets will be classified for regulatory purposes, outline regulations for the stable coin providers, bring clearer crypto taxation rules, and include consumer protections.

Senator Lummis is a strong BTC advocate and she even said:

 “I’m optimistic that we’ll eventually reach an agreement on a legal framework for digital assets that resolve many of the longstanding issues, including regulatory jurisdiction, market integrity, self-regulatory organizations, and stablecoins.”

Crypto regulations are at a crossroads with the industry and the Congress but also regulators saying the industry needs to be regulated but they don’t agree on how or by whom. The SEC Chair Gary Gensler sought to consolidate oversight of the markets under his agency and he has pointed to the fact that most assets listed on exchanges are classifiable as security and tradeable financial instruments like bonds and stocks. In the meantime, the CFTC Chair Rostin Behnam pushed for his agency that traditionally oversees the derivatives products like BTC futures to be provided with more jurisdiction. The new Lummis bill is not entirely something out of the dark but it could be considered as a starting point for legislation. Senator Pat Toomey is another regulator that is holding BTC from the Republican rankings and a member of the Senate Banking Committee where the bill would likely be sent for consideration.

The committee is chaired by Senator Sherrod Brown who showed interest in the topic and conducted a hearing on “Stablecoins: How Do They Work, How Are They Used and What Are The Risks?” In the statement, Brown said that stablecoins and markets are not actually an alternative to the banking system but are only a mirror of the same broken system with no rules and accountability.