The world of decentralized finance (DeFi), Web3, and cryptocurrency is buzzing with activity as Congress prepares to tackle a slew of bills related to these innovative technologies. With the U.S. Senate and House currently on summer recess, all eyes are on the upcoming fall legislative calendar. Following the enactment of the stablecoin law, there are several other important legislative proposals that are crucial for establishing a comprehensive regulatory framework for blockchain and cryptocurrency.
As Congress gears up for its return after Labor Day, here are some key crypto bills that will be under deliberation on Capitol Hill:
Senate’s Companion Market Structure Bill
The CLARITY Act, which recently passed the full House on a bipartisan basis, is awaiting action in the Senate. Banking Committee Chairman Tim Scott, along with Senators Cynthia Lummis, Bill Hagerty, and Bernie Moreno, released a discussion draft of the Senate’s companion legislation. Public comments on the draft are due next week. Additionally, Senator Elizabeth Warren, Ranking Member of the Committee, has outlined her principles for market structure legislation. The White House has also expressed support for the CLARITY Act in its recent crypto report.
Unlocking Blockchain’s Potential
The Deploying American Blockchains Act, introduced by Representatives Kat Cammack and Darren Soto, advanced in the House in June. The Senate companion bill, co-sponsored by Senators Bernie Moreno, Tim Sheehy, and Lisa Blunt Rochester, is still pending a vote.
Digital Assets Taxation Rules
The House Ways and Means Committee delved into the taxation of digital assets with a hearing in July led by Congressman Max Miller. Senator Cynthia Lummis has also put forth a new digital assets taxation package.
Protections For Non-Custodial Crypto Service Providers
Representatives Tom Emmer and Ritchie Torres reintroduced the Blockchain Regulatory Certainty Act, which aims to provide legal clarity for crypto developers and service providers that do not hold consumer funds. The bill’s language has been included in the House CLARITY Act.
As Congress reconvenes in the fall, these key crypto bills will be at the forefront of discussions surrounding the regulation and promotion of blockchain and cryptocurrency technologies. Stay tuned for updates on the progress of these important legislative initiatives.