US Senator Shows Optimism Regarding New Cryptocurrency Bill

Cynthia Lummis, the US senator from Wyoming, highlighted some developments regarding the cryptocurrency bill in the US. In a recent statement, Lummis mentioned that the Senators had some productive discussions on crypto amendments in the last few days.

“This has been an interesting day. Here’s what is happening: First, we’ve been able to have very productive conversations with senators on all sides of this issue, and if we could vote on amendments, I think the digital asset (cryptocurrency) community would be pleased with the outcome,” Lummis said.

“Right now, we need an agreement on allowing amendments, which is being held up because of conflict between senators over the 30-hour rule, which allows the Senate to consider/read/review a bill for up to 30 hours before voting on it,” she added.

The potential amendments regarding the cryptocurrency bill received criticism from the crypto community recently. Several leading stakeholders argued that the upcoming bill would harm the adoption of digital assets in the country. However, Lummis seems optimistic about the upcoming amendments.

On the other hand, the US-based Bitcoin miners and cryptocurrency companies including digital exchanges remain uncertain about the outcomes of the cryptocurrency bill.

Cryptocurrency Regulations

In the US, the crypto market has seen significant growth in the last 12 months. The total number of cryptocurrency users and trading volumes across different digital exchanges increased rapidly. However, to eliminate the potential use of cryptocurrencies in illegal activities, the US Treasury proposed strict KYC requirements for digital currency users in the country during December 2020. Now, the country is planning to pass the bill with some amendments.

“Some senators want to keep focusing on the infrastructure bill for 30 hours to raise awareness about its price tag. Senator Schumer wants to quickly vote in order to focus on other legislation, and won’t allow amendment votes unless that happens. Tomorrow at 9 am offices will be back in like usual. Feel free to call your senators to let us know how you think we should move forward,” Lummis tweeted.

Source: Read Full Article