US senator to introduce ‘comprehensive’ crypto regulation bill

By Priyanka Shetty
December 29, 2021
Sen. Cynthia Lummis, R-Wyo., a longtime crypto-evangelist plans to introduce a crypto regulations bill in legislation by early 2022. Lummis means to give regulatory clarity on stablecoins and define the different asset classes, while introducing further protections to insulate investors against substantial losses, scams and potentially lax cybersecurity.

Lummis also reportedly plans to create an organization under the joint jurisdiction of the SEC and CFTC to oversee the market

Lummis also reportedly plans to create an organization under the joint jurisdiction of the SEC and CFTC to oversee the market

– a move that, if successful, would help resolve ongoing debate over which U.S. regulators have authority over digital assets

An aide for Lummis tells Information Security Media Group that the proposal “is highly detailed and fully integrates digital assets into the U.S. financial system.” The aide confirms that through eight separate titles or sections, the bill will address definitions, tax requirements, consumer protection, interagency coordination and more.
Source: Gov Info Security
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