US Senator Plans on Introducing Comprehensive Crypto Bill in 2022: Report

Last updated: Mar 30, 2023
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US Senator and long-time crypto advocate Cynthia Lummis of Wyoming is planning on launching a new comprehensive bill on crypto next year.

Bloomberg said the bill would be one of the first attempts at creating sweeping rules on cryptocurrencies subject to Senate approval.

As per the report, Lummis says she wants to introduce legislation on digital assets which addresses the issue of crypto not fitting under the umbrella of traditional securities laws.

The bill also reportedly seeks to normalize federal rules for stablecoins, provisions for consumer protection, as well as new taxation guidance. Lummis is also looking at establishing a new regulatory agency watched over by the Commodity Futures Trading Commission (CFTC) and the U.S. Securities and Exchange Commission (SEC)

News of Lummis’ potential bill comes as most top crypto executives complain of murky, impossible-to-follow regulations around crypto that are selectively enforced by regulators.

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Earlier in the month, crypto executives from the top firms in the US testified before the US House Committee on Financial Services in regards to digital assets.

“Because of their nascent stage of development and unique underlying technology, digital assets trade in markets that are fundamentally different from traditional financial markets,” Coinbase CFO Alesia Haas said in her testimony. “As a result, existing regulatory regimes often do not accommodate this new technology.”

Haas wouldn’t be the first Coinbase executive to suggest more up to date crypto regulations. When the exchange’s new Lend product was shut down by the SEC, Coinbase’s chief legal officer Paul Grewal implied that regulators wern't exactly easy to work with.

“The SEC has repeatedly asked our industry to ‘talk to us, come in.’ We did that here. But today all we know is that we can either keep Lend off the market indefinitely without knowing why or we can be sued. A healthy regulatory relationship should never leave the industry in that kind of bind without explanation. Dialogue is at the heart of good regulation.”

Lummis herself is a crypto investor with a preference to Bitcoin. She bought between $50,000 and $100,000 worth of BTC in August of this year, according to an SEC filing.

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