Last month the crypto market was in turmoil when the issue arose that the $ 1.2 trillion bipartisan bill not only focused on rehabilitating public infrastructure, but also involved increasing legislation on cryptocurrency businesses and brokers being required to report cryptocurrency taxes and other related requirements.
For example, a crypto transaction worth more than $ 10,000 must be reported to the Internal Revenue Service (IRS) by submitting a 1099-B form. This procedure exposes investors ’‘ hidden ’profits through more transparent investment activities and is monitored by the authorities. Among those who are the backbone of realizing this is Senator Cynthia Lummis.
Then came the noises again in mid-December of a handful of U.S. Senators. launched an attack on crypto assets ‘pegged’ to the US dollar in their latest announcement to curb the growth of the crypto industry. Even so, Cynthia takes a softer look at crypto.
Wyoming Republican Senator Cynthia Lummis has made a name for herself in the crypto assets community because of her encouraging stance on the matter. Now, there are reports that he is working to introduce a comprehensive crypto bill next year.
Senator Cynthia Lummis who is also a Bitcoin HODLer is reportedly going to introduce a crypto asset bill next year. Where it will cover it all, it covers consumer protection down to how cryptocurrencies are taxed and categorized.
The main purpose of the bill is to provide clear and concise regulatory guidance on assets belonging to various asset classes, to regulate stablecoin and to protect consumers.
In addition, the bill would also spur the creation of a new organization that would be under the joint jurisdiction of the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission.
However, Bloomberg reports that the proposed bill is likely to face challenges in the Senate because most of them have a harder view of crypto assets.
