US Senator Cynthia Lummis is workingaxq on a bill to push the traditional as we know as modern assets, like crypto, under the same category to fall under the same regulatory roof.
Cynthia Lummis is a senator from Wyoming. She is popularly known for her support of the crypto industry. In the past, she appreciated the technology of Bitcoin and other Cryptocurrencies and also said that crypto is here to stay. In the past, she also suggested people to have retirement funds in Bitcoin.
On 3 April, Cynthia Lummis appeared in an interview with Axios news media. Through the interview, she revealed some important information about a developing crypto bill, on which she is working and hopefully will introduce it by the end of this year.
Cynthia said that she is working to bring a framework to give a stand for Cryptocurrencies as a traditional asset so that traditional and digital assets can be regulated under a single ruling system.
“We’ve designed it so it works within the customary framework for managing and regulating traditional assets. So, for example, Bitcoin is a commodity. So it would fall under the Commodity Futures Trading Commission for purposes of trading and the spot market and the futures market. And then when something fits in the Howey Test, that makes it security, it would fall under the Securities Exchange Commission.”
Cynthia also said that there should be a proper regulatory framework for the crypto industry, where crypto investors, as well as crypto innovation, should have room to evolve without any negative pressure.
Under the newly developing crypto bill of Cynthia, there are very precise details about Cryptocurrencies and traditional assets like commodities. After the completion of work, this group will be divided into 5-6 different committees.
She also noted that detailing design will also include, Central Bank Digital Currency (CBDCs) and Stabelcoins.
“We’re going to introduce it as one big piece so people can see the big picture, how the commodities components work, with the securities components, with the stable coins, and with potential CBDC.”
Overall statement by Cynthia Lummis hinted that she is working on a very big issue, where the US Securities regulatory body is struggling to take much better & precise action against the crypto companies, which are violating securities law mistakenly or unknowingly.