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The Week of Crypto Policy: AML, ETHICS Act, & AI Hearing
Key Insights
- The House passed a bill to create a working group dedicated to developing legislative and regulatory proposals aimed at combatting the illicit use of digital assets by voice vote.
- The Senate Homeland Security and Governmental Affairs Committee advanced legislation to prohibit Members of Congress, the Vice President, and President from trading or owning certain investment assets - including digital assets - while serving in public office.
- At a House Financial Services hearing on artificial intelligence, Chair Patrick McHenry and Whip Tom Emmer asked how blockchain could be used to improve AI applications.
- As Bitcoiners gather in Nashville for Bitcoin 2024, Senator Cynthia Lummis (R-WY), Rep. Ro Khanna (D-CA), and Presidential candidate Robert F. Kennedy all expressed varying levels of support for potentially allowing the Federal Reserve to hold bitcoin as a reserve asset.
House Passes Financial Technology Protection Act of 2023
On Monday, the House passed the bipartisan Financial Technology Protection Act of 2023 by voice vote.
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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.