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Senator Lummis’s Bipartisan Bitcoin Bill Framework Will Introduce on June

  • Again Bitcoin went low currently is trading at $29,299.42 USD
  • The upcoming crypto bill won’t include NFTs.

The long-awaited moment comes true, US Senator Cynthia Lummis planned to introduce a broad cryptocurrency bill along with New York Democrat Kristin Gillibrand. On June 7th, Senator Lummis will launch a bipartisan Bitcoin policy framework. Also, Lummis hints an upcoming crypto bill won’t include NFTs.

JUST IN 💥 Senator Lummis to introduce bipartisan #Bitcoin policy framework on June 7th pic.twitter.com/iOpg9A5i7K

— Bitcoin Magazine (@BitcoinMagazine) May 24, 2022

This will make it possible to use crypto for payments and integrate the asset class into 401(k) retirement savings packages,

Last year the U.S. Senate passed the Endless Frontier Act, bipartisan legislation aimed at tackling China’s technological advances by establishing a new technology directorate with blockchain as a primary priority. Senate Majority Leader Chuck Schumer sponsored the bill, which passed 68-32 votes following an amendment by Sen. Cynthia Lummis. 

Wyoming Senator Lummis has a large amount of bitcoin (BTC) and may be the crypto industry’s most active advocate in Congress. Lummis explained about the bill that “such that it works inside the usual framework for managing and regulating traditional assets.” 

In last month’s interview, she said that

I own Bitcoin, a commodity, I believe it will be currency someday. But at this point of its existence, it’s a commodity just like cattle, wheat, and gold, at some point, it’s going to become a means of payment and it’s going to happen fast.

The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) will be responsible for cryptocurrency regulation.

Features in the Senate Bill 

According to the bill, it covers distributed ledger technologies and cybersecurity as one of 10 “key technology focus areas” financial monitoring, illegal money, and economic pressure concerns. The law addresses semiconductor manufacturing, artificial intelligence, biotechnology, communications, and energy efficiency. Also, the bill will regulate Stablecoins, establish crypto tax rules, and focus on developing consumer protections.

Currently Bitcoin is trading at $29,299.42 USD with a trading volume of $31,167,386,667 USD its down 3.33% in the last 24 hours.

   

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