Senator Cynthia Lummis, one of the United States’ most liberal crypto proponents in the US Congress, has revealed her plans to introduce a comprehensive bill that holistically addresses all industry sectors in a manner that will not cap the industry’s growth.
Senator Cynthia is a Republican senator representing the state of Wyoming in the US Congress. She is a proud owner of BTC and has been a liberal supporter of the cryptocurrency since it started causing debates in the Senate.
The Bill Lumis plans to advance, if successfully vetoed, will clear the fog of confusion that has seen indiscriminate prosecution by regulators in the industry. The lack of clarity concerning the association of different crypto assets with traditional regulations and compliance guidelines will be a significant issue to be tackled in the bill’s enactment.
What The Bill Will Bring Do
According to the senator’s senior aid, the game plan the bill will field will adequately enable the country’s regulators, the SEC, and the CFTC to monitor the digital assets in centralized and decentralized markets properly. The bill seeks to create a new tertiary institution through a joint task force of the SEC and CFTC that mainly targets regulations and compliance in the US crypto industry.
Consumer protection, stable coin regulations, anti-criminal activities, anti-crypto Ponzi scheme, misleading advertisements, and market manipulation are all aspects that the bill will cover. The congress and relevant experts will properly dissect them should the bill be floored in the Senate.
Senator Lummis, The Liberal Bitcoin Proponent
Lummis is a Wyoming senator in the republican faction of the congress; she is also a participating member of the Senate Banking Committee. She is a very liberal and intentional proponent of advocating systemized crypto adoption in the country.
She is an investor in the industry, owning a portfolio of over $100,000 as declared in her assets declaration easier this year. Lummis is deeply invested in the crypto industry; she not only owns BTC, but she is also among the few US politicians that raise campaign funds through cryptocurrency. Her online webpage pegged in Wyoming allows for donations in Bitcoin utilizing the Bitpay payment gateway platform. The number of politicians in the country using Crypto services for similar purposes continues to grow steadily as the industry showcases its relevance.
Lummis is liberal about the advantages of adequately integrating Bitcoin into the nation’s traditional finance sector; she doesn’t disguise her ardent support for the industry.
However, the senator doesn’t lump Bitcoin and other cryptocurrencies together for regulation and monitoring. She already started earlier in November that the Bitcoin cryptocurrency and its associated framework present a decentralized peer-to-peer network unlike every other aspect in the crypto sector.
According to her, the same level of regulation and Compliance enforcement cannot be afforded to the Bitcoin and ‘other’ sectors, comparing the other sectors to securities in the necessary level of scrutiny.
Lummis’ bill will have to fight a brutal war to see approval. The Senate is currently divided into two parts, senators that are pro-crypto and those that aren’t or otherwise skeptical about the industry.
A successful approval will mark the bill as the first kind the country’s legislative and crypto arm will see as the crypto industry continues to grow relevant.