Wyoming Republican Senator Cynthia Lummis’s crypto bill, which is likely to be co-sponsored by one or two Democratic senators, is under secrecy, sources said.
Lummis’ proposal, which could be announced as early as this week, is expected to propose rules that clarify the role of the SEC and other agencies in regulating cryptocurrencies and provide a definition that many popular tokens are not securities.
The law may also create a minimum exemption for crypto transactions of a few hundred dollars or less, a measure that means people can use cryptocurrencies to make small purchases or transfers without triggering tax obligations.
Because the U.S. Democratic leadership has been skeptical about cryptocurrencies, if this becomes a reality, it would represent a bipartisan collaboration in the crypto space, which is an important development. But even if Lummis’ bill rolls out with bipartisan support, the legislative process could take years to pass.