In 2022, Senator Lummis of the United States will suggest new crypto regulating authority

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Senator Cyntia Lummis of Wyoming is one of the most vocal bitcoin supporters in the United States Senate. Senator Lummis is prepared to introduce a new governing agency for digital currencies to Congress next year, according to a CoinDesk source. This suggestion will be included in her digital asset policy bill, which aims to establish a user-friendly and secure environment for digital currency trading in the United States.

For US lawmakers, cryptocurrency has been a gray area. While some politicians have gone as far as to receive their salaries in Bitcoin, others are staunchly opposed to its use. However, Senator Lummis has long advocated for the normalization of cryptocurrency and other digital assets. Her next Congress bill will address this idea of crypto normalcy in the United States.

Several policy ideas will be included in the bill, including consumer protection protections, new government procedures for administering stablecoins, and revised crypto taxation policies. In addition, the new law will include a new self-regulatory agency that will be overseen by the SEC. Many of these rules are already in effect at the state level. The new law will attempt to place these rules under the federal government’s control.

Senator Lummis demonstrates a strong belief in Bitcoin’s potential.

As a lawmaker and a trader, Cyntia Lummis is the only member of the Senate Banking Committee who openly supports Bitcoin. Senator Feinstein owns five bitcoins, as she stated in an earlier interview. She purchased her first Bitcoin in 2013 when it was just $320. She also claimed in the interview that she has never sold any bitcoin since she believes in the notion of HODLING.

If enacted by Congress, Senator Lummis’ cryptocurrency and digital assets bill would undoubtedly dispel a lot of skepticism in the US crypto sector. Bitcoin prices have risen over $50k for the first time in two weeks, indicating that the entire cryptocurrency market is trying to rebound from its month-long meltdown.

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