Bill to integrate cryptocurrencies into the financial system “almost ready”

On the heels of US President Joe Biden signing an executive order on the government’s position on cryptocurrencies, Republican Wyoming Senator Cynthia Lummis has announced that she is preparing a new bill that would incorporate the assets digital in the financial system.

Ms. Lummis, who is one of the most vocal advocates of cryptocurrency in Congress, took to Twitter on March 9 to announce that she was putting the finishing touches on the bill with key advocates and partners in the Senate and that it was “almost ready”:

“It’s been a long time coming, but my bill to fully integrate digital assets into our financial system is nearly ready! I’m putting the finishing touches on it with some key Senate advocates and partners, but watch out, an unveiling soon! »

The Twitter community reacted to his announcement with a flurry of suggestions, comments and criticisms of early drafts of the bill. Interestingly, the senator recognized and praised them, praising the “strong collaboration as we move toward consensus” and reiterating that the bill would arrive “very soon.”

It should be noted that Finbold reported in December on the senator’s plans to create a comprehensive bill that would address everything from taxation and classification of cryptocurrencies to safeguards for consumers.

The senator’s criticism of the executive order

Before updating the Twitter community on her progress on the bill, the senator also had published his position that it was time for Congress to step up and work on real legislation regarding digital assets.

Additionally, she commented on the presidential decree on cryptocurrencies, stating that:

“I think [the] Executive Order misses the point that the overwhelming majority of digital asset users are following the law and trying to improve our financial system. If he has any doubts, he should look to Wyoming, where digital assets are booming under a balanced and sensible regulatory framework.

Finally, Ms. Lummis added that she was still not convinced of the need for a central bank digital currency (CBDC), but that she would continue to follow the work of the Federal Reserve in this area and give her opinion. opinion on this.

Source link

Don F. Davis