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The Week in Crypto Policy: Appropriations, Keep Your Coins Act, Chinese CBDC Prohibition Act
This week, we review amendments to a House appropriations bill, a bill to protect self-custody, and a bill to prohibit U.S. money services businesses from transacting with a Chinese-issued CBDC.
Key Insights
- The House considered a financial services appropriations bill that included amendments to defund SEC enforcement actions related to crypto, defund Treasury's efforts to develop a CBDC, and increase funding for Treasury to combat illicit financing involving ransomware and cryptocurrencies.
- House Republican leaders pulled the bill before a vote on final passage, lacking enough votes.
- Senator Ted Budd (R-NC) introduced the Keep Your Coins Act - a bill to prohibit regulators from infringing on the right to self-custody digital assets.
- Senators Rick Scott (R-FL), Ted Cruz (R-TX), and Marsha Blackburn (R-TN) introduced the Chinese CBDC Prohibition Act - a bill to prohibit money services businesses from engaging in transactions that involve a CBDC issued by the People's Republic of China.
House Appropriations Amendments
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George Leonardo is the founder of Cap Hill Crypto, a solo-entrepreneur venture focused on providing nonpartisan insights and analysis on U.S. federal crypto policy. Previously, he worked on Capitol Hill for Senator John Cornyn and as a litigation associate at Milbank LLP.