US Senator Cynthia Loomis of Wyoming is one of the biggest defenders of cryptocurrency in the US Senate. According to a CoinDesk source, Senator Loomis is preparing to introduce a new cryptocurrency regulator in Congress next year. The proposal forms part of the Digital Asset Policy Bill, which aims to create a comfortable and secure framework for cryptocurrency trading in the United States.
Crypto is a gray area for American politicians. While some politicians end up getting paid in Bitcoin, others are completely against accepting it. Senator Loomis has always advocated the normalization of crypto and other digital assets. Your upcoming bill in Congress will address this vision of normalizing crypto in the United States.
The bill will include several policy proposals, including consumer protection regulations, new federal regulations for stable coin management, and updated crypto tax guidelines. At the heart of the new bill will be a new self-regulatory body administered by the SEC. Many of these regulations already apply at the state level. The new bill would try to put this provision under the umbrella of the federal government.
Senator Loomis shows great commitment to Bitcoin’s potential
Cynthia Loomis is the only member of the Senate Banking Committee to publicly advocate for Bitcoin as a politician and trader. As announced in a previous interview, the senator owns five bitcoins of his own. He bought his first BTC in 2013 when it was only $320. In the interview, he also revealed that he never sold his Bitcoins because he believed in the concept of HODLING.
If Senator Loomis’ bill on cryptocurrencies and digital assets passes in Congress, it will surely eliminate a lot of FUD in the US crypto market. The global crypto market is currently struggling to recover from a month-long slump as Bitcoin price surged above $50,000 for the first time in two weeks.