A new US regulatory entity focused on crypto will be proposed next year by Senator Cynthia Lummis, according to Bloomberg.
Per the outlet’s report, the yet-to-be-filed legislation includes a mandate for “a new organization under the joint jurisdiction of the Commodity Futures Trading Commission and the Securities and Exchange Commission to oversee the digital asset market.” Other aspects would focus on stablecoin regulation and consumer protection, though explicit details won’t be known until the bill is released, according to Bloomberg.
Lummis, who owns bitcoin, has emerged as one of the highest-profile advocates in Congress. She has also become a significant beneficiary of industry political donations, as reported by The Block.
Whether the bill will succeed during this session of Congress will depend on the political dynamics of a national election year. That said, crypto as a public policy area achieved unprecedented prominence amid this summer’s bipartisan infrastructure bill fight. Lummis was one of the major figures in Congress during that period.
This past fall, Coinbase proposed the creation of a digital assets-centric regulatory body for the US market.