Expansive Crypto Bill to Be Introduced by Wyoming Senator Cynthia Lummis in 2022

Wyoming Senator Cynthia Lummis is planning to propose an extensive crypto regulation bill in 2022, according to Bloomberg. The bill covers several aspects, including taxation and oversight.

Wyoming Senator Cynthia Lummis said she would introduce a new crypto bill in 2022. The information comes through Bloomberg, with a senior aide for the senator telling the outlet that the bill would be an expansive bill that covered a lot of the facets with respect to the asset class.

Lummis owns bitcoin herself and has been known to be very supportive of the asset class. The Republican senator is a member of the Senate Banking Committee.

Latest crypto bill ‘unworkable’

The bill in question would clearly define crypto assets as an asset class, introduce a tax scheme, and categorize them under consumer protection. Perhaps most significantly, it would seek to create a new organization that would be overseen by the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC).

The bill would be the most comprehensive one put forward by any lawmaker. Some U.S. senators have discussed this in the past, including Senator Lummis.

Most notably, there was much discussion about the crypto-related regulations in the U.S. infrastructure bill. These senators questioned the crypto tax proposal in the bill, which they called ‘unworkable.’

While the bill is one step forward for the market, it will still have to receive the approval of the U.S. Senate. This is far from a guarantee, as by and large, U.S. lawmakers have been skeptical about crypto.

Will 2022 be the year when the US regulates crypto?

While there have been no big steps forward in terms of crypto regulation, the bill is an indication that the U.S. is gearing up for it. There have been middling talks here and there over the past two years, but it is only in 2021 that U.S. authorities have begun closely examining the crypto market.

The SEC is leading the way when it comes to regulation, and SEC Chair Gary Gensler has also laid out an agenda for the same. However, nothing concrete has formed yet, but there is no doubt that the pace of regulatory examination is accelerating.

U.S. Senator Elizabeth Warren has also been scrutinizing the crypto market, specifically stablecoins. The U.S. government, in general, has been paying a lot of attention to stablecoins, so it may be one of the first aspects of the crypto market to be regulated.