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In 2022, Senator Cynthia Lummis proposes a new regulatory entity focused on cryptocurrencies. The focus of the legislation remains on stablecoin regulation and consumer protection.\u00a0<\/p>\n
Bloomberg has reported that Sen. Cynthia Lummis, a Wyoming Republican Senator, proposes legislation to appoint a new regulatory entity for oversight of cryptocurrencies in 2020.\u00a0<\/p>\n
The legislation is yet to be filed and includes a mandate for the new organization to be formed under the Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC).\u00a0<\/p>\n
Proponents believe that the legislation\u2019s other aspects would focus on stablecoin regulation and consumer protection.\u00a0<\/p>\n
Sen. Cynthia Lummis, one of the crypto<\/a>-aware and Bitcoin-owning advocates in the Congress, has worked on several aspects of the proposed legislation. Experts believe that the success of the yet-to-be-filed legislation depends on the bipartisan infrastructure bill.\u00a0<\/p>\n Cryptocurrency<\/a> exchanges like Coinbase have proposed the creation of a regulatory body focused on cryptocurrencies in the US.\u00a0<\/p>\n If the proposed legislation turns out to be a bill that is enacted, regulators would have clear guidance on different cryptocurrency asset classes and protection for consumers and investors. This is likely to play a key role in stablecoin regulation and the creation of new asset classes.\u00a0<\/p>\n In October 2021, Sen. Cynthia Lummis revealed her Bitcoin purchases worth $50,001 to $100,000. Lummis is among US politicians that solicit campaign contributions in crypto; this makes her one of the crypto<\/a>-forward senators in Congress.\u00a0<\/p>\n<\/p><\/div>\n