U.S. Sen. Cynthia Lummis (R-Wyo.), one of Bitcoin’s most vocal advocates on Capitol Hill, will pitch Congress next year on creating a crypto regulatory body as part of her sweeping digital asset policy bill, a senior aide told CoinDesk.
Lummis, who sits on the Senate Banking committee, wants nothing short of full normalization for digital assets in the U.S., the aide said. Her upcoming bill will propose doing just that with federal rules for stablecoins, consumer protection provisions and updated taxation guidance, as well as a new watchdog: a self-regulatory organization administered by the executive branch’s securities and swaps regulators.
Many of these issues are currently regulated at the state level.
Lummis previously told CoinDesk she was working on a ”comprehensive” bill slated for this calendar year. Bloomberg reported its updated timeline and scope Thursday.
Read more: Most Influential 2021: Cynthia Lummis
The effort comes as Congress grapples with digital assets on multiple fronts. House members grilled key crypto executives earlier this month in a hearing as much about education as it was about oversight of the fast-growing industry.
Lummis’ bill will target one of the executives’ major gripes: that securities laws are too murky to work with crypto and its many token types. The aide said her proposals include clear guidance to regulators on the different asset classes.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.