US Senator Cynthia Lummis will introduce a sweeping cryptocurrency bill in the new year. This legislature will help crypto-based businesses and enthusiasts classify and tax digital assets.
A source told Bloomberg that the bill would empower regulators to provide clear guidance to investors and businesses. It would safeguard and shield consumers against risks and frauds, as well as regulate stablecoins. Authorities, through the bill, would establish a new organization to administer the crypto market.
This announcement comes after the heads of eight prominent crypto companies appeared before the US Congress on December 8. They enlightened the lawmakers about the novelty of cryptocurrency, its appeal to investors and businesses as well as its use. C-level executives, as per Bitcoin Magazine, want lawmakers to implement a separate set of legislation for the crypto industry.
Senator Lummis, a member of the Senate Banking Committee, is a crypto enthusiast and holds bitcoin. The crypto market has set hopes on the bill to steer the industry positively. It hopes for a flexible legislature to give breathing and growing space to cryptocurrency and emerging new technologies, like blockchain.
Crypto advocacy groups in the US believe the bipartisan infrastructure package is a wake-up call for the industry. Kristin Smith, executive director at Blockchain Association, said the crypto market needs to put in an effort to constructively engage with Washington. Smith said the crypto industry is now making serious efforts.
The executive said crypto companies are working with external lobbying firms and boosted relations with government staff in the backdrop of President Joe Biden’s ambitious infrastructure bill. The industry hopes to maintain this momentum in 2022. One of the main reasons for this is that crypto enthusiasts and critics, alike, are showing greater interest in the sector than they did in the past years. Furthermore, the industry is betting on Lummis’s bill.
