If passed by Congress and signed into law, the legislation would create a new regulatory body, overseen by the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC), to supervise and govern the cryptocurrency market, although no proposed name for the organization was given.
The report also suggests the bill would regulate stablecoins, establish crypto tax laws, and create consumer protections for crypto investors.
The legislation would be one of the first steps by Congress in creating rules for cryptocurrency. The bill would face a political hurdle in the U.S. Senate which is relatively split on digital asset regulation.
Lummis is a vocal supporter of crypto and records show she bought $50,001 to $100,000 worth of BTC in August.
She is also a member of the Senate Banking Committee, which oversees banks and coinage, and has questioned crypto-industry experts about digital assets.
Earlier this month, she urged fellow Republican lawmakers to block the renomination of Jay Powell as the chairman of the Federal Reserve over his crypto policies.
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