According to CoinDesk, the crypto industry received a commitment for legislative action from Republican U.S. lawmakers on Tuesday. Key figures from the Senate and House of Representatives expressed their intent to advance digital assets legislation, a move eagerly anticipated by the sector for years. Senator Tim Scott, the incoming Republican chair of the U.S. Senate Banking Committee, and Representative French Hill, his counterpart on the House Financial Services Committee, addressed a Blockchain Association event in Washington, signaling a unified effort across Congress and the incoming administration of President-elect Donald Trump to push forward crypto legislation.
The lawmakers identified two primary legislative starting points: the Financial Innovation and Technology for the 21st Century Act (FIT21) and a stablecoin bill. FIT21, which aims to establish comprehensive crypto market regulations, passed the House with strong bipartisan support. However, the stablecoin bill stalled due to disagreements over federal and state government roles. Hill emphasized the need for Congress to find a compromise and pass market-structure legislation similar to FIT21 early in the session. While the House has been supportive, the Senate has historically been resistant. Scott's upcoming chairmanship marks a shift from his Democratic predecessor, Senator Sherrod Brown, who was skeptical of crypto. Scott expressed optimism about the future and announced plans to create a digital assets subcommittee.
Senator Brown, who lost his Ohio Senate race to Republican Bernie Moreno, had been a significant obstacle to crypto progress in the Senate. The new top Democrat on the committee, Senator Elizabeth Warren, is expected to continue her critical stance on crypto. Despite this, Scott remains hopeful, stating that the future is bright and that discussions on crypto policy have already begun. Hill highlighted the necessity of bipartisan support for successful crypto legislation, noting the need for 60 Senate votes to pass major initiatives. While most Republicans have embraced crypto, some younger Democrats have also shown support, as evidenced by the 71 Democrat votes for FIT21 in the House. With the Senate closely divided, cooperation between both parties is essential.
At the Blockchain Association Policy Summit, the U.S. Securities and Exchange Commission's Republican commissioners, Mark Uyeda and Hester Peirce, discussed anticipated changes at the agency. Uyeda criticized the agency's crypto accounting standard, Staff Accounting Bulletin No. 121, for its extensive implications without proper procedural adherence. Peirce acknowledged the regulator's limitations, stating that some issues fall outside its jurisdiction. She emphasized the potential for collaboration with the Commodity Futures Trading Commission (CFTC) and expressed readiness to engage once legislative opportunities arise.
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