US Senator Cynthia Lummis plans to propose a sweeping bill to regulate the digital asset industry in early 2022.
The proposed legislation includes guidelines and general rules for the taxation of digital assets, rules for stablecoin issuers, and consumer protection measures. In addition, the bill proposes the creation of a regulator, which will include leading US financial authorities.
In her message on Twitter, the deputy asked subscribers to support her initiative.
Lummis has already expressed support for cryptocurrencies several times. She is an investor herself, and officially owns 5 BTC worth approximately $250,000.
With the exception of Senator Pat Toomey, Lummis is the only ranking member of the Senate Banking Committee to hold cryptocurrency. Both senators opposed a provision in the US infrastructure bill that required cryptocurrency brokers to track transaction records for tax purposes.
Subscribe to ForkNews on Telegram to stay up to date with news from the world of cryptocurrencies
You May Also Like
China Tax Agency Calls for Tax on Cryptocurrencies
Despite crackdowns and attempts to completely eradicate all cryptocurrency transactions in the country, Chinese tax authorities are calling for a tax base for the digital asset industry to be defined.
Paraguay has become another Latin American state favorable to crypto and mining
The Paraguayan Senate has approved a bill that allows companies in the country to use excess electricity for mining. The document may come into force as early as 2022. What does it mean for the development of cryptocurrencies and will Paraguay follow the example of El Salvador, the first country to officially recognize Bitcoin?
