U.S. Senator Lummis will introduce legislation to integrate crypto into the banking system
Cynthia Lummis, a pro-Bitcoin Wyoming senator, is expected to deliver the first draught law on cryptocurrencies in Congress this week.
In addition to clarifying several aspects of crypto legislation, the measure, which is anticipated to be tabled on Tuesday, will establish the right categorization of digital assets, according to Politico.
Coins like Bitcoin and Litecoin, which are decentralised digital currencies, will join the financial system once the measure is signed into law, as Senator Lummis noted on Twitter on June 3.
A plan to completely incorporate digital assets into our financial system has been teasing us for months, but the moment has now arrived. I can’t wait to reveal the results of this labour of love next week. Lummis warned, “Stay tuned.”
Bill on cryptocurrency spurs lobbying
Senators Lummis and Gillibrand have been teasing the public with the legislation for months, appearing at different events and in the media. Several CEOs in the crypto industry have credited the bill as a major motivator for their lobbying efforts.
Aides to both Lummis and Gillibrand have received multiple recommendations from major crypto companies on what to include in the bill. Based on crypto exchange regulations and tax laws, the majority of the recommendations are said to have been made.
Members of Congress have intimated that the text of the measure is nearing completion in the aftermath of President Joe Biden issuing an Executive Order in March that mandated government agencies to investigate the emergence of cryptocurrencies.