Bitcoin-owning U.S. Senator Cynthia Lummis has been working tirelessly for months, in a bid to come up with a comprehensive crypto bill that would provide regulators with clear guidance on how to categorize and tax digital assets.
It is common knowledge that since the advent of cryptocurrencies, regulators and the crypto community have usually been in disagreement. And most of those times, the disagreement usually borders on how vague most of the regulation attempts do come across. However, a lot has changed since the Terra network collapsed. And now, the crypto community and regulators might just be beginning to see eye to eye.
The impact of the Terra crash rippled massively across the entire crypto industry, and now efforts are being intensified all over, to regulate cryptocurrencies and bring wrongdoings to book.
Senator Cynthia Lummis Crypto Bill Incoming
In this regard, the Wyoming Republican Senator Cynthia Lummis, one of the crypto industry’s biggest advocates in Congress, may now be ready to unveil the crypto bill sometime next week.
Obviously elated, she announced in a tweet that the bill has neared completion and wrote:
“We have 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.”
In addition, the senator quickly chipped in that embracing Bitcoin and digital assets may be the way forward for the country.
What To Expect From The Bill
The crypto bill, if enacted, would provide regulators with clear guidance on how to classify assets into various asset classes. The bill is also likely to help regulators regulate stablecoins, and most importantly offer investor protection and tax laws.
Meanwhile, there is also an expectation that the bill will propose creating a new regulatory body. However, according to a Bloomberg report, this new body will be jointly overseen by the Commodity Futures Trading Commission (CFTC), and the Securities and Exchange Commission (SEC).
During a recent debate, Senator Lummis claimed that Bitcoin and Ethereum are commodities.