US Senator, Cynthia Lummis, plans to introduce a bill next year that touches on all aspects of digital assets including a new sector regulatory authority.
The proposal by the Wyoming legislature seeks to guide the regulators on the digital asset classifications and regulate stablecoins.
Ms. Lummis also proposes that the new oversight authority should be placed under the Commodities Futures Trading Commission.
The Republican, also a member of the Senate Banking Committee, has invested in cryptocurrency in a recent filing. Ms. Lummis reportedly bought bitcoins worth up to $100,000 earlier in the year.
The Senator’s Wyoming website supports donations in BTC and is one of the politicians to request for campaign contributions in crypto.
The proposed bill would have to garner enough support from the divided Senate to pave the way for the important amendments in the digital asset space.