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Congress
U.S. Deputy Secretary of the Treasury Wally Adeyemo has campaigned Congress to provide new authorities to oversee crypto outside the U.S. (Suzanne Cordiero/Shutterstock/CoinDesk)
A stunt from Bitcoin supporters led to the appearance that the U.S. senator and staunch cryptocurrency opponent Elizabeth Warren signed an order for a flag to be flown over the U.S. capitol commemorating Satoshi Nakamoto.
Members of Congress are trying to delete the controversial U.S. Securities and Exchange Commission accounting bulletin that implies restrictions on companies that want to hold their customer’s crypto assets.
After the 2008 global financial meltdown, Congress set up a round table of regulators who could wield a unique tool against the next emerging threats. The Financial Stability Oversight Council (FSOC) can tag companies with systemic-risk labels that saddle them with tremendous new restrictions, and the crypto sector has the council’s attention.
Democratic lawmakers signed on to sponsor the Digital Asset Anti-Money Laundering Act. The bill is bad for crypto in the U.S., even if it never gets through Congress.
The military-linked bill is viewed as must-pass legislation, so lawmakers sometimes try to tack on other things to get them passed, too.
Another crypto bill has cleared the goal posts of a committee in the U.S. House of Representatives, with the unanimous approval of legislation that would direct the U.S. Secretary of Commerce to support blockchain technology.
Republican Rep. French Hill and Democrat Rep. Jim Himes see potential future floor votes for crypto bills being key to convincing the Democrat-controlled Senate to play ball.
The U.S. Department of the Treasury is pressing lawmakers for a new set of powers that would give the government unprecedented enforcement and sanctions authority over the crypto sector, including the ability to roam well beyond American borders and get involved with transactions that don’t involve its citizenry.
Crypto advocate Peter Van Valkenburgh argues the IRS’ extended reporting requirements violate the First and Fourth Amendments. (Coin Center)