Wyoming Republican Senator Cynthia Lummis intends to submit a complete bill next year that would address the taxation of digital assets as well as their categorization for consumer protections. Senator Cynthia Lummis of Wyoming, a Republican, aims to introduce a comprehensive bill next year that will include everything from digital asset taxation and categorization to consumer safeguards.
As part of the digital asset policy bill, Lummis, who is also a Bitcoiner and one of the most outspoken crypto advocates, will pitch Congress on creating a crypto regulatory body under the joint jurisdiction of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to oversee the digital asset market.
If passed, the bill would provide clear direction to regulators on asset categorization, regulate stablecoins, and provide consumer protection.
As the crypto market becomes more mainstream, regulatory scrutiny of the industry has increased as governments around the world work on regulations.
However, FTX CEO Sam Bankman-Fried does not expect legislative action to be the immediate solution to “regulatory clarity,” citing the fact that “getting things through Congress is pretty hard right now.”
“Over the next few years, the crypto regulatory frameworks will be substantially fleshed out,” he told CNBC.
Meanwhile, Jeremy Allaire, CEO of Circle, the company that created the USDC stablecoin, believes that the biggest threat to cryptocurrency would be “incoherent and inconsistent, hurriedly crafted legislation and policy.”
However, he believes there is bipartisan understanding that this new technology provides the United States with a competitive advantage. “laws will come quicker than many people expect.”
The level of innovation and activity in the space, according to Brian Brooks, the former Acting Comptroller of the Currency, is too great to ignore. “The need for unambiguous governmental action that creates a sustainable framework to allow crypto and Web 3 to expand in the United States will reach a tipping point” in 2022, according to the report.
Meanwhile, the Advertising Standards Authority in the United Kingdom has issued a warning to Arsenal for advertisements for its “fan tokens.” The Advertising Standards Agency (ASA) said earlier this week that two adverts released by Arsenal in August were “misleading” in terms of the risk of trading cryptocurrency, the fact that it isn’t regulated in the region, and its possible tax ramifications.
The commercials must not reappear in the same form, according to the agency. “We have a red-alert priority issue with cryptoassets,” a spokeswoman stated. “We will not hesitate to take action against advertisements that violate our policies.”