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US Senator Lummis: Bill to integrate cryptocurrencies into financial system ‘almost ready’

US Senator Lummis Bill to integrate cryptocurrencies into financial system ‘almost ready'

At the heels of the United States President Joe Biden signing an Executive Order addressing the government’s stand on cryptocurrencies, Wyoming Republican Senator Cynthia Lummis has announced that she was preparing a new bill that would integrate digital assets into the financial system.

Ms. Lummis, who is one of the most vocal cryptocurrency advocates in Congress, took to Twitter on March 9 to announce that she was putting the final touches to the bill with key advocates and partners in the Senate and that it was “almost ready”:

“It’s been a long time coming, but my bill to fully integrate digital assets into our financial system is almost ready! I’m putting the final touches on it with some key advocates and partners in the Senate, but watch out for an unveiling soon!”

The Twitter community reacted to her announcement with a slew of suggestions, comments, and critique to the bill’s early drafts. Interestingly, the Senator acknowledged and commended them, praising the “strong collaboration as we move to reach consensus” and reiterating that the bill was coming “very soon”.

It’s noteworthy that Finbold reported back in December on the Senator’s plans to create a comprehensive bill that would address everything from the cryptocurrencies’ taxation and classification to consumer safeguards.

Senator’s criticism of Executive Order

Before informing the Twitter community of her progress on the bill, the Senator had also published her position that it was time for Congress to step up and work on real legislation concerning digital assets.

In addition, she offered comments on the President’s Executive Order on cryptocurrencies, stating that:

“I think [the] executive order misses the fact that the overwhelming majority of digital asset users are law-abiding and trying to make our financial system better. If he has any doubt, he should look to Wyoming, where digital assets are booming within a common-sense, balanced regulatory framework.”

Finally, Ms. Lummis added that she was still unconvinced of the need for a central bank digital currency (CBDC), but that she would continue following the work of the Federal Reserve in that area and offering her views on it.

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