Cynthia M Lummis

Cynthia M Lummis

Office: US Senator
State: Wyoming
Party: Republican Party
 
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Office: US Senator State: Wyoming Party: Republican Party
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Introduced in Senate (03/31/2022)
Middle Market IPO Underwriting Cost Act

This bill requires the Securities and Exchange Commission to study and report on the costs encountered by small- and medium-sized companies when undertaking initial public offerings and certain offerings exempt from securities registration requirements.

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Introduced in Senate (06/07/2022)
Lummis-Gillibrand Responsible Financial Innovation Act

This bill provides for the regulation of digital assets.

The bill delineates the jurisdiction over digital assets held by the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). For example, the bill provides that the SEC has jurisdiction over digital assets that provide their holders with financial interest in a business entity, while the CFTC has jurisdiction over digital assets that do not.

In addition, digital asset exchanges are allowed to register with the CFTC.

Under the bill, depository institutions are allowed to issue payment stablecoins. The bill sets forth requirements, including that institutions must hold in reserves 100% of the value of all outstanding stablecoins and allow stablecoins to be redeemed on a one-to-one basis.

The bill also provides for the tax treatment of digital assets, including an exemption from income tax for purchases using digital assets that result in a gain or loss of $200 or less.

Finally, the bill provides for various reports, studies, and consumer protection standards.

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Cynthia M Lummis has a new profile cover. 1 month ago