Bitcoin is the first successful internet money based on peer-to-peer technology; whereby no central bank or authority is involved in the transaction and production of the Bitcoin currency. It was created by an anonymous individual/group under the name, Satoshi Nakamoto. The source code is available publicly as an open source project, anybody can look at it and be part of the developmental process.
Lummis’ proposal will propose the creation of a new body to oversee the crypto sector and will address a place where cryptocurrency can be sent to and from, in the form of a string of letters and numbers. the classification of digital digital technologies are these electronic tools that have the ability to generate, store or even process data. assets.
Cynthia Lummis, a Republican senator and one of the advocates of the Bitcoin the biggest and most popular cryptocurrency in the world. It is a decentralized digital currency that enables users to make trustless peer-to-peer transactions. The most adamant that the U.S. Congress plans to introduce a comprehensive legislative bill for cryptocurrencies next year.
As reported by Bloomberg the sweeping bill will address everything from how digital assets are taxed and categorized to protections for consumers. A senior aide to the senator, who was not identified, revealed the plans to the news outlet.
The project also seeks to regulate the stablecoins and create a new regulatory body to oversee the cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. industry. . If approved, it would form a new organization under the joint jurisdiction of the Commodity Futures a futures contract is a standardized legal agreement to buy or sell a particular commodity or asset at a predetermined price at a specified time in the future. Trading Commission (CFTC) and the Securities and Exchange businesses that allow customers to trade cryptocurrencies for fiat money or other cryptocurrencies. Commission (SEC) to oversee the digital asset market, the source said.
It would also provide for the first time clear guidance on the classification of different digital assets, an issue on which regulators have had difficulty a measure of how hard it is to validate a new block on a blockchain. agreeing and which has led to a number of legal disputes.
Welcome bipartisan cosponsors! Please encourage your senator to reach out and consider it. https://t.co/ndIfFAkj0L
— Cynthia Lummis ???? (@CynthiaMLummis) December 23, 2021
Lummis demonstrates its commitment to crypto
Lummis, who is Wyoming’s first female senator, is known in the space for being a fierce advocate for digital currencies. She has already qualified Bitcoin in the past as a “great store of value” and considers that all people should have the cryptocurrency in its portfolio.
Also has underlined its commitment to work with regulators to provide clearer regulation for the sector. something he demonstrated this year by various legislative strategies to protect the industry of a controversial tax reporting section included in the Infrastructure Act, which was pushed by Joe Biden’s administration.
The member of the Senate Banking Committee has also revealed herself to be a major investor in Bitcoin . In an October filing with the SEC, Lummis indicated that she had acquired bitcoins worth between USD$50,000 and $100,000 by mid-2021. The report made her the first U.S. senator to disclose her investments in digital assets.
The senator’s plans come to light shortly after the chief executive officers (CEOs) of several major digital currency currency is a medium of exchange that defines value. companies met in the U.S. House of Representatives for a audience which sought to answer legislators’ concerns about the technology, while allowing them to ask regulators for clearer rules for the sector.
The report did not provide details on a timetable for the presentation of the legislative proposal. In any case, as noted by Bloomberg The bill will face a tough road through a Senate divided along partisan lines on the issue of cryptocurrency regulation.
Lummis’ project will be one of the first attempts to establish comprehensive rules of the game for the growing crypto industry.
- Sen. Cynthia Lummis says she will work with regulators to incorporate Bitcoin into the U.S. financial system
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Article by Hannah Estefania Perez / DiarioBitcoin
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