Legislators supporting Bitcoin will introduce a comprehensive encryption bill in the U.S.

[ad_1]

According to reports, U.S. legislator Cynthia Lummis, who supports Bitcoin, agreed to introduce a comprehensive encryption bill that may cover everything from the taxation and classification of cryptocurrencies to customer protection. The bill will propose the establishment of an alternative entity to regulate the digital plus market.

Legislators said that the U.S. fully launched the cryptocurrency bill

According to reports, US legislator Cynthia Lummis is preparing to introduce a comprehensive encryption bill next year. According to Bloomberg’s weekday report, Republican lawmakers from Equality State explained that the bill can cover everything from cryptocurrency taxation and classification to customer protection.

A senior aide to the legislator told the news media that the bill can clearly guide the selected plus sign category, and can jointly establish a framework for controlling stablecoins. In addition, it will propose the establishment of an alternative entity to regulate the crypto market that may operate under the joint jurisdiction of the Commodity Futures Commodity Commission (CFTC) and the Securities and Exchange Commission (SEC).

Lummis may be a member of the Senate Banking Committee. She repeatedly mentioned that Bitcoin may be a good store. Lawmakers recently confirmed that she owns 5 Bitcoins and has no intention of selling them. Her BTC is an integral part of the extensive portfolio that owns her family’s dairy farm.

In October, Lummis stated in Congress: “Thank God for giving Bitcoin and an alternative non-statutory currency. It transcends the mistrust of the government and ourselves.”

Congress has introduced several bills aimed at regulating the encryption industry. In August, U.S. Representative Don Beyer introduced the “Digital Plus Market Structure and Capitalism Protection Act.” The bill provides the U.S. Securities and Exchange Commission with the supervision of digital plus securities, as well as the CFTC’s supervision of digital assets.

In April, the U.S. House of Representatives passed a bill proposed by St. Patrick McHenry, a congresswoman who supports Bitcoin, which requires the SEC and CFTC to “establish a working group for digital assets.”

In August, two U.S. lawmakers urged the chairman of the SEC and the acting chairman of the CFTC to identify a joint working group to regulate crypto assets. Alternative efforts to control encrypted transactions embody the “Digital Transaction Act of 2020 (DCEA)” and the “Encryption Currency Act of 2020.”

Post Legislators supporting Bitcoin will introduce a comprehensive encryption bill in the U.S. First appeared in Bitcoin wire.

[ad_2]

Source link

Recommended For You

About the Author: News Center