Wyoming senator's crypto bill to receive democratic support: source

03/23 11:37

In a move that could bolster support for the cryptocurrency industry in Washington, D.C., at least one Democratic senator is poised to co-sponsor a key piece of legislation being drafted by Cynthia Lummis, a Wyoming Republican and a long time Bitcoin holder. According to a source familiar with the matter, the legislation is likely to be co-sponsored by one or two Democratic senators who represent states on either coast.The Lummis legislation, which could drop as soon as this week, is expected to propose rules that will clarify the role of the SEC and other agencies when it comes to overseeing crypto, and to provide definitions that will mean many popular tokens are not securities. The law also likely would create a so-called de minimus exemption for crypto transactions of a few hundred dollars or less—a measure that would mean people could use crypto for small purchases or transfers without triggering tax obligations.
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