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The Week In Crypto Policy: House & Senate Pass Crypto Bills
Key Insights
- The Senate passed a SAB 121 repeal resolution by a 60-38 vote, sending the bill to President Biden who plans to veto the measure. This marks the first standalone crypto bill to pass Congress.
- The House passed three bipartisan bills with pro-blockchain provisions, including legislation to promote blockchain-based applications in commerce, reduce fraud, and improve supply chain resiliency.
- Senators Ron Wyden (D-OR) and Cynthia Lummis (R-WY) urged the DOJ to refrain from subjecting self-custody software developers to criminal liability as unregistered money transmitters.
- Ahead of an expected floor vote next week, the House unveiled updated text and proposed amendments for the Financial Innovation and Technology for the 21st Century Act ("FIT 21").
Senate Passes SAB 121
On Thursday morning, 60 Senators voted to repeal SAB 121 via a Congressional Review Act resolution of disapproval, sending the resolution to President Biden's desk.
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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.