U.S. Senator Ron Wyden: Cryptocurrency legislation will maintain momentum and support stablecoin and blockchain technology innovation

U.S. Senator Ron Wyden of Oregon said at the 2024 Consensus Conference that although cryptocurrency legislation will not move forward quickly, the momentum will continue in Washington next year. Recently, the 21st Century Financial Innovation and Technology Act (FIT21) promoted by Representative Patrick McHenry passed the House of Representatives and received partial support from the Democratic Party. It is now under consideration by the Senate. Wyden believes that although it is unclear how far the bill will go, its establishment is essential to combat fraud. As chairman of the Senate Finance Committee, Wyden is one of 11 Democrats who have worked with Republicans to overturn the U.S. SEC's cryptocurrency accounting policy (SAB 121). Wyden emphasized that there should be no unique barriers to cryptocurrency custody, and expressed support for stablecoins and blockchain technology innovations, such as the creation of portable medical records. He also pointed out that Congress often has difficulties with new technologies, and cryptocurrency is one of the campaign issues in this year's congressional elections, attracting more and more young and creative people. (CoinDesk)