Senators who support Bitcoin will introduce a comprehensive encryption bill in the United States – Regulate Bitcoin News

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According to reports, US Senator Cynthia Lummis, who supports Bitcoin, announced her plan to introduce a comprehensive encryption bill that will cover everything from the taxation and classification of cryptocurrencies to consumer protection. . The bill will also propose the creation of a new entity to oversee the digital asset market.

Senator said that the United States is about to introduce a comprehensive encryption bill

According to reports, US Senator Cynthia Lummis is preparing to introduce a comprehensive encryption bill next year. According to a Bloomberg report on Thursday, the Republican senator from Wyoming explained that the bill will cover everything from the taxation and classification of cryptocurrencies to consumer protection.

A senior aide to the senator told the news media that the bill will provide clear guidance on the asset class to which specific assets belong and will establish a framework for regulating stablecoins. In addition, it will propose the creation of a new entity to oversee the crypto market, which will operate under the joint jurisdiction of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).

Lummis is a member of the Senate Banking Committee.She has repeatedly stated that Bitcoin is a Great store of valueThe senator recently confirmed that she owns about 5 bitcoins and has no plans to sell them.she Bitcoin It is part of a broad portfolio including her cattle farm.

October, Rumis Say In Congress: “Thank God for giving Bitcoin and other illegal currencies. It transcends the irresponsibility of the government, including our own.”

Congress has introduced several bills aimed at regulating the encryption industry. In August, US Representative Don Beyer introduce “Digital Asset Market Structure and Investor Protection Law.” The bill gives the U.S. Securities and Exchange Commission powers over digital asset securities and gives the U.S. Commodity Futures Trading Commission powers over digital assets.

In April, the US House of Representatives passed a bill proposed by Patrick McHenry, a member of Congress who supported Bitcoin. need The SEC and CFTC “establish a working group focused on digital assets.”

In August, two U.S. lawmakers urged the chairman of the SEC and the acting chairman of the CFTC to establish a Joint Working Group Used to supervise encrypted assets. Other efforts to regulate the crypto industry include “Digital Commodity Exchange Act of 2020 (DCEA)” and “Cryptocurrency Act of 2020. “

Tags in this story

Bitcoin bill, Commodity Futures Trading Commission, Clear encryption, Encryption supervision, Cryptocurrency Act, Cryptocurrency Act, Cryptocurrency Law, Cryptocurrency regulation, Cynthia Rumis, Securities and Exchange Commission, U.S. Congress, U.S. encryption regulation, U.S. Senator

How do you think Senator Lummis plans to introduce a comprehensive cryptocurrency bill? Please let us know in the comments section below.

Kevin Helms

As a student of Austrian economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection of economics and cryptography.




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