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The Week In Crypto Policy: Mid-Year Recap & Look Ahead
Key Insights
- Throughout the 118th Congress, Members of Congress have crafted legislation covering stablecoins, market structure, illicit finance, commerce, tax, SEC accounting rules, and CBDCs.
- With time running out for bills to get enacted before a new Congress gets sworn in, Members will look to reach bipartisan compromises and combine legislation with "must pass" bills to get their priorities across the finish line.
- As the House has already advanced FIT 21 with massive bipartisan support, eyes are now primarily on the Senate to see whether bipartisan momentum on crypto legislation continues this Congress.
- For comprehensive legislation addressing stablecoins and market structure to gain momentum in the Senate, measures to address illicit finance concerns of key Senators would likely need to be added.
Overview
The recap below provides a high-level review of key bills pending in Congress on the stablecoin, market structure, illicit finance, commerce, tax, SAB 121, and CBDC fronts. Links to more detailed summaries and texts are included throughout for those interested in diving deeper.
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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.