Republican Senator Cynthia Lummis plans to introduce a legislative bill for cryptocurrencies, specifically Bitcoin, in 2022.
The proposal will address everything from how digital assets are taxed and categorized to consumer protections. This was reported to Bloomberg by a senior adviser to the senator, who was not identified.
“Lummis, a member of the Senate Banking Committee, is seen by industry participants as a key advocate for crypto, in which she also invests,” the media outlet noted.
The media outlet also reviewed that the bill faces a difficult path due to the Senate being divided, especially along partisan lines regarding cryptocurrencies. “It would be one of the first attempts at establishing comprehensive rules of the road for the growing industry,” it reads.
Cynthia Lummis isn’t the only one
Lummis isn’t the only Republican to champion cryptocurrencies. On Tuesday, Miami Mayor Francis Suarez reported that he donated at least $1,000 in Bitcoin to “The 5000 Role Models of Excellence Project” foundation for public school funding. In addition, Suarez also donated $100,000 to the project.
“This is only the beginning of how we transform Miami into the Capital of Tech, Crypto and Capital!” Suarez wrote on his Twitter account.