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The Week In Crypto Policy: DeFi Sanctions Bill, Approps, Tokenization
Key Insights
- Senator Mark Warner's (D-VA) bill to expand Treasury's sanction authority over foreign digital asset "transaction facilitators" is included in the Senate's Intelligence Authorization Act for 2025, which recently passed the Senate Intel Committee with unanimous support.
- The House Appropriations Committee advanced a financial services funding bill, which includes provisions to prohibit funding for SAB 121, a U.S. CBDC, and SEC enforcement actions against digital asset firms until there is more regulatory clarity.
- A House Financial Services subcommittee held a hearing on tokenizing real-world assets where Republicans focused on potential benefits and most Democrats echoed concerns from previous digital asset hearings regarding customer protections and illicit finance risks.
- President Biden vetoed a resolution to repeal SAB 121, claiming it would "inappropriately constrain" the SEC's ability to provide accounting guidance.
DeFi Sanctions Bill Included In Intelligence Reauthorization Bill
Background
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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.