In brief

  • Sen. Cynthia Lummis is getting ready to introduce the Responsible Financial Innovation Act, which would impact how crypto is taxed.
  • She told “Meet the Press Reports” that, from a policymaking perspective, owning Bitcoin is no different than owning cattle.

Senator Cynthia Lummis (R-WY) is the most vocal Bitcoin proponent in the U.S. government. And the junior senator from Wyoming is also crafting policy that would affect BTC and other crypto assets—which don’t yet fall under a solid regulatory framework within the U.S.

Which has some asking, “Is that a conflict of interest?”

Not at all, she says. “Well, I own cows too, and cows are commodities. Bitcoin is a commodity,” she told “Meet the Press Reports” host Chuck Todd in an interview airing today. “Should I have to sell my cows because they’re a commodity and now I’m on the Banking Committee that may have a relationship to the [Commodity Futures Trading Commission], or there may be laws in Congress that affect the marketing or ownership of cattle?”

The answer, per the U.S. Senate Select Committee on Ethics is: no. Senators must “disclose any purchase, sale, or exchange of any stock, bond, commodity future, or other security when the transaction exceeds $1,000,” according to 2021 guidelines. And, to be clear, commodities and commodity futures are different—the former are the actual thing while the latter are financial agreements to buy that thing at a later date for a predetermined price.

As for cryptocurrency, members must report the coin or token they hold and, if applicable, the exchange or platform that…

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