One of the US lawmakers behind pro-crypto legislation, Wyoming Senator Cynthia Lummis, reportedly intends to implement a comprehensive bill in 2022 aimed to help the use of digital assets.
According to Bloomberg, the planned bill will provide regulatory clarity on stablecoins, guide regulators to which cryptos belong to which asset classes and provide consumer protections.
Lummis has proposed making an organisation under the joint jurisdiction of the Securities and Exchange Commission and the Commodity Futures Trading Commission to oversee the crypto market.
The Wyoming Senator is urging voters to reach out to their senators to support the bill, as legislation would likely require 60 of 100 lawmakers to favour the bill.
Currently, Democrats control 50 of the seats, while Vice President Kamala Harris will be the decider if necessary.
Lummis has previously said she owns Bitcoin worth between US$50,000 and US$100,000, whilst Illinois, Texas, Pennsylvania, Alabama, New Jersey, and Florida representatives have also reported crypto investments.
One Democratic member, however, argued that because lawmakers have access to “sensitive information and upcoming policy”, such investments could affect their impartiality.