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Bitcoin-Owning Senator Lummis to Propose Crypto Overhaul Bill Next Year

  • Bill would provide guidance on classifying digital assets
  • Proposal would create a new regulatory body to oversee crypto
Cynthia Lummis
Cynthia LummisPhotographer: Caroline Brehman/CQ Roll Call/Bloomberg

Wyoming Republican Senator Cynthia Lummis, one of the crypto industry’s staunchest supporters in Congress, is planning to introduce a comprehensive bill next year that would cover everything from how digital assets are taxed and categorized to consumer protections. 

The bill, if enacted, would provide regulators with clear guidance on which assets belong to different asset classes, offer protections for consumers, regulate stablecoins, and create a new organization under the joint jurisdiction of the Commodity Futures Trading Commission and the Securities and Exchange Commission to oversee the digital asset market, a senior aide for the senator told Bloomberg on Wednesday.