US Lawmaker Wants to Regulate Stablecoins

US Lawmaker Wants to Regulate Stablecoins

February 18, 2022 0 By Keith Jacobs

Senator Cynthia Lummis is one of the United States senators who have been actively campaigning and working for crypto-friendly regulations in the country. Despite her conservative background, she has recently proposed a bill that could serve as a guide for financial regulators and also warrant a safety net for digital traders.

The bill under question is a comprehensive legislative document that deals with the stablecoin regulatory clarity. Lummis recently told Bloomberg that the bill would be able to provide financial agencies like SEC and CFTC to differentiate between various types of cryptocurrencies and allow consumers to pick safer investment options. The senator has also called on SEC and CFTC to put together a joint department for working on the matter.

Cynthia Lummis is not only active in the Senate working on cryptocurrencies regulations. Using the social media platform Twitter, she posted a poll to call upon the US voters to reach out to their respective senators. She said that she is looking for bipartisan cosponsors to get more votes for passing the stablecoin comprehensive bill.

A bill requires at least 60 legislator votes to get a passing grade. Out of 100 senators, 50 votes are under the control of Democrats. In case of a tie, VP Kamala Harris would have to cast the deciding vote. Lummis has also publically declared that she purchase Bitcoin around the $50K-$100K range in compliance with the Congressional Trading Knowledge Act.

According to media reports, there are many US legislators and politicians that have disclosed their digital asset reserves. Some noteworthy declarations are Pat Loomey representing Pennsylvania, Jefferson Van Drew rep. New Jersey, Michael McCaul rep. Texas, Barry Moore rep. Alabama, Marie Newman rep. Illinois, and Michael Waltz rep. Florida, among others.

Meanwhile, a Democratic legislator Ocasio Cortez recently spoke to the media that it is not fair for her to hold Bitcoin or any other cryptocurrency to avoid any policy bias. She further explained that lawmakers could access sensitive information and are involved in the process of policy formation, and having personal stakes can add jeopardize their judgment and votes.