What does the Lummis-Gillibrand Bill mean for crypto?

U.S. Sens. Cynthia Lummis and Kirsten Gillibrand proposed a crypto bill on Tuesday, and the news has taken the world of crypto by storm. As the latest topic for debate, the bill essentially plans to regulate digital assets in the US, through the classification of assets and tax elimination on transactions below $200.

Is Lummis a 'bad policy' for the crypto industry?

Crypto attorney Lewis Cohen — who advised Lummis staff on the bill — said it was a near-impossible task to balance the concerns of industry bigwigs and regulators. “Reflexively treating all tokens as securities,I really do believe it’s both wrong legally and fundamentally bad policy for the U.S.,” said Cohen, co-founder of the firm DLx Law.

Who is Cynthia Lummis?

Cynthia Lummis, who’s enthralled the Bitcoin faithful with appearances at crypto festivals across the country, has been teasing the contents of her comprehensive digital currency regulation plan for much of this past year. | Marco Bello/Getty Images

Who is Sen Lummis?

Sen. Lummis in 2008. Sen. Lummis (pronounced as though it rhymes with "hummus,") served as the state treasurer in her home state of Wyoming from 1999 to 2007 before winning the Wyoming seat in the US House. She served as vice chair of former President Donald Trump's presidential transition team after he won the 2016 presidential election.