The Bitcoin-friendly Wyoming senator, Cynthia Lummis is set to unveil the first United States draft bill in Congress on cryptocurrencies this week. A bill that will see crypto recognized officially as part of the US financial system.
The bill, expected to be presented on June 7 will clarify several aspects of cryptocurrency regulations at the same time identifying the correct classification of digital assets, according to a report by Politico on June 6.
On June 3, the crypto-friendly senator confirmed the bill’s readiness through her official Twitter handle while pointing out that if integrated into law, cryptocurrency will be part of the financial system officially.
According to Lummis, “We’ve been teasing it for months, but the time is almost here – a proposal to fully integrate digital assets into our financial system. Excited to finally unveil this effort next week. Stay tuned.”
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Crypto bill fuels lobbying efforts
The two senators, namely Lummis and her co-sponsor, senator Kirsten Gillibrand have been pestering about the bill for months through media appearances and various events. Meanwhile, the bill has been noted as a motivation for cryptocurrency lobbyists.
Furthermore, Lummis and Gillibrand’s aides have been receiving several suggestions on what to include in the bill from the leading crypto startups. According to reports, most of the suggestions are based on tax policies and crypto regulation.
In the wake of President Joe Biden signing an Executive Order calling on federal agencies to explore the development of cryptocurrencies earlier this year, the Congresswomen also hinted that the bill’s content was almost ready.
Among the suggestions from the draft bill is the establishment of a self-regulatory organization.
Although, the proposal might lead to clashes as the Securities and Exchange Commission (SEC) has affirmed that most digital assets potentially fall under its jurisdiction, meanwhile, some crypto lobbyists executives are trying to divert from the SEC.
Reports say some lawmakers are proposing another bill that seeks to exempt Bitcoin miners from rules covering financial brokerage firms, the bill at the same time aims to give the Commodity Futures Trading Commission (CFTC) more powers to oversee crypto markets.
According to a report by Finbold, elements like stablecoin regulation, the establishment of a new organization as well as consumer protection will be managed by both CFTC and SEC.
Recently, especially after the Terra collapse, there has been agitation in the United States on the need to regulate stablecoin, apart from the draft bill by the crypto-friendly senator, the White House has also tasked a team to research Bitcoin mining.
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