Wyoming Senator Cynthia Lummis is one of many pro-crypto pieces in American legislation. She plans to introduce a comprehensive bill next fiscal year that will deal with digital assets.
Bloomberg reported on Thursday that Lummis’ bill would provide clarity regarding stablecoins and guide regulators to determine which cryptos belong in different asset classes. It also offers consumer protections. The U.S. senator also proposed the creation of a joint organization between the Securities and Exchange Commission and Commodity Futures Trading Commission in order to supervise the crypto market.
Lummis asked Americans to contact their senators and support the bill via Twitter. She stated that she was seeking bipartisan cosponsors. Despite being a conservative, the Wyoming senator voted against the creation of a commission to investigate Jan. 6’s attack on the U.S. Capitol. She also voted not to impeach the former President. Lummis has worked previously with Democrats Kyrsten Sinema and Mark Warner to try to “fix” the definition broker in the infrastructure bill that was signed into law in November.
To be considered for a vote, any legislation that is introduced in the Senate will likely need the support at least 60 legislators. The Senate currently has 50 Democrats and 100 Republicans. Vice President Kamala Harris can act as a tiebreaker, if necessary.
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Lummis, a pro-Bitcoin advocate, declared that she bought Bitcoin (BTC), worth between $50,001 to $100,000, as part of the Stop Trading on Congressional Knowledge Act. Others who have reported exposure to crypto include Illinois Representative Marie Newman and Texas Representative Michael McCaul.
Alexandria Ocasio Cortez, a progressive lawmaker, recently spoke out about social media and said it was inappropriate for her not to own Bitcoin or other digital assets. This Democratic House member claimed that lawmakers have access “sensitive information” and can make decisions about their impartiality.