Regulation
US House Passes Crypto Working Group Bill Amid Uncertain Senate Future – Davidson News
US House Passes Cryptocurrency Working Group Bill: What’s Next for Regulation?
US House Passes Cryptocurrency Investigation Bill Amid Senate Uncertainty, 2024 Implications
In a recent move, the U.S. House of Representatives has passed a bill to create a working group to investigate the use of cryptocurrency in terrorism and money laundering, according to an article published by CoinDeskSponsored by Rep. Zach Nunn (R-Iowa), the legislation passed in a routine voice vote and would establish a temporary panel at the Treasury Department. This working group would include industry representatives such as blockchain intelligence firms to analyze the role of digital assets in illicit activity and make recommendations to address those concerns. Despite House approval, the bill’s future remains uncertain as it has no Senate counterpart to question its chances of becoming law.
The passage of the bill highlights the ongoing tension in Congress over cryptocurrency regulation. While the House has shown willingness to advance crypto-related legislation such as the Financial Innovation and Technology for the 21st Century Act (FIT21), the Senate has yet to catch up with these developments. Jaret Seiberg, an analyst at TD Cowen, suggested that the latest bill serves more as a political gesture, with critics using it to call for tougher anti-money laundering measures and supporters using it to shield themselves from criticism that their support for digital assets enables criminal activity.
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(PHOTO: The Crypto Times)
US House Moves Forward With Cryptocurrency Bill: Impact on Regulation and 2024 Presidential Race
In the broader political arena, cryptocurrency has emerged as a significant issue in the 2024 presidential race. On Monday, the Digital Chamber reached out to Vice President Kamala Harris, who is positioning herself as a potential successor to President Joe Biden, urging her to adopt a more favorable stance on digital assets. Reflecting the industry’s desire for a positive approach to cryptocurrency, the letter recommended that Harris integrate crypto-friendly policies into her Democratic platform and consider a running mate with a strong track record in digital asset technology. As the debate continues, the future of comprehensive crypto regulation remains uncertain, with industry insiders closely monitoring related provisions in the upcoming National Defense Authorization Act.
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