Providing clarity on the crypto industry
According to a report by Bloomberg on Thursday, Lummis' proposed bill aims to provide regulatory clarity on stablecoins, inform regulators about which cryptocurrencies belong to different asset classes, and offer consumer protections. In addition, the U.S. senator reportedly proposed creating an organization under the joint jurisdiction of the Securities and Exchange Commission and the Commodity Futures Trading Commission to oversee the crypto market.In a tweet Lummis reached out to voters in the U.S. to contact their respective senators and support the bill. A bill introduced in the Senate would need the support of at least 60 lawmakers to be brought to a vote. Currently, Democrats control 50 of the 100 seats in the Senate, with Vice President Kamala Harris able to act as a tiebreaker if needed.
Lummis has been a vocal supporter of Bitcoin
Lummis campaigned on Bitcoin before her election to the Senate and stated that she purchased $50,001 to $100,000 worth of Bitcoin under the Stop Trading on Congressional Knowledge Act. The Wyoming senator had previously expressed interest in buying after the Bitcoin price crashed below $30,000. Although it's not entirely clear whether she owned Bitcoin at the time, the senator told Fox News in June, "I am really excited about it because as soon as it drops a little more, I am going to buy some more."Other members of Congress who reported investing in cryptocurrencies include Representative Marie Newman of Illinois, Representative Michael McCaul of Texas, Representative Pat Toomey of Pennsylvania, Representative Barry Moore of Alabama, Representative Jefferson Van Drew of New Jersey, and Representative Michael Waltz of Florida. On the other hand, progressive Congresswoman Alexandria Ocasio-Cortez argued that such investments could compromise her integrity as lawmakers have access to sensitive information and pending policy.
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