The US Crypto Space Could See a New Bill Introduced Next Year

The cryptocurrency space remains largely unregulated in various countries as regulatory agencies look to better understand the emerging sector. The United States could be set to introduce some cryptocurrency-focused regulation soon.

Senator Lummis to Introduce a Crypto Bill Next Year

Wyoming Republican Senator Cynthia Lummis is planning to introduce a comprehensive cryptocurrency bill next year. The bill is expected to cover everything from how digital assets are taxed and categorized to consumer protections.

According to Bloomberg, the bill, if passed, would provide regulatory agencies with clear guidance on cryptocurrencies and their different asset classes. Consumers would get the necessary protection, stablecoins would be regulated, and a new organization would be launched under the joint jurisdiction of the Commodity Futures Trading Commission and the Securities and Exchange Commission to be in charge of the digital asset market.

Senator Lummis is one of the key advocates for cryptocurrencies in the United States legislature. Earlier this year, she revealed that she invested between $50,000 and $100,000 in Bitcoin. Lummis is also one of the US politicians that is receiving campaign donations in cryptocurrencies.

The United States is Yet to Have a Compressive Crypto Bill

The United States, like most countries around the world, is yet to have a comprehensive cryptocurrency bill. Regulatory agencies like the SEC and CFTC continue to oversee certain activities within the space. However, there is no clear definition of how to regulate the crypto market.

Earlier this month, the executives of some leading crypto companies, including FTX, Coinbase, Circle and Paxos, spoke at a Congress hearing regarding cryptocurrencies. The executives urged the US Congress to introduce regulations that would not stifle growth and innovation in the emerging industry.

Bitcoin has been performing excellently over the past 24 hours, adding more than 6% to its value during that period. At press time, Bitcoin is trading above the $51k level and could rally higher over the coming hours and days.