A pro-crypto work – How will the cryptocurrency regulatory landscape look in 2022 in the United States? The American senator Cynthia Lummis wants to give a brushstroke to this painting whose final rendering remains unclear for the moment.
Cynthia Lummis and the regulation of cryptocurrencies in the United States: three views on a bill
Cynthia Lummis wants to present in 2022, a bill providing for the creation of a new cryptocurrency regulatory body. This organization would be jointly overseen by the SEC and the CFTC.
This project would also define a method of categorization for regulatory purposes different types of digital assets, and would establish tax rules cryptocurrencies. It would also contain rules applicable to stablecoin providers, as well as provisions aimed at protect investors.
Lummis is a member of the Senate Banking Committee. She is known for her stance in favor of cryptocurrencies, and is one of the only sitting senators to hold bitcoins. The other senator who also owns bitcoins, is Senator Pat Toomey. He is the most senior Republican member of the Senate Banking Committee. Lummis’ bill will likely be sent to him for consideration.
This commission is chaired by Senator Sherrod Brown, who organized in early December 2021, a hearing entitled “Stablecoins: How do they work, how are they used and what are their risks?” “
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Constructive debates or cacophonies: is an agreement possible on the regulation of cryptocurrencies?
In view of the profiles of these two other important actors regarding this bill, the Lummis initiative therefore should not fall on deaf ears. If Lummis and Tommey, who both hold bitcoins, should theoretically have no trouble tuning their violins, will it be the same with Brown?
The latter had given a speech that could not be qualified as positive for cryptocurrencies, indicating that bitcoin (BTC) and its younger siblings are in fact worse than the “failed system” which they reflect:
“Stablecoins and crypto markets are not really an alternative to our banking system. They reflect the same failed system – with even less accountability, and without any rules. “
Sénateur Sherrod Brown
Crypto companies, Congress, regulators all speak with one voice by stating that the sector needs to be regulated. Can they understand each other, knowing that each camp, pro and anti-crypto, try to scream louder than the other in the hope of being heard and being more legitimate?
Beyond certain speeches that attempt to minimize the impact of cryptocurrencies on fiat currencies and in particular the US dollar, this cacophony actually shows the main fear of members of Congress, anti-crypto regulators : that general public adoption of cryptocurrencies does not significantly weaken the greenback in the long term.
Cynthia Lummis continue his political activism in favor of the democratization of bitcoin and cryptocurrencies in general. The cryptosphere can only support it in its battles, hoping that these latter are not in vain for the outcome of the war.
Senator Cynthia Lummis is pushing for the adoption of bitcoin in the United States. Will you be in the pro-crypto camp to profit from the revolution, or rather in that of the detractors? It’s up to you to get on the crypto train! To do this, and start to familiarize yourself with this exciting world, do not wait for you create an account on Binance, the benchmark BTC and crypto exchange (affiliate link).
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