Yes, while the news cycle has been all about the Coronavirus, Trump and social distancing. Cryptocurrencies are NOT going away, in fact, things are just getting started!
There appears to be no shortage of interest in cryptocurrency and blockchain policy in D.C. as Members in the House of Representatives and U.S. Senators have introduced a total of 32 bills in the 116th Congress. Thanks to Facebook’s introduction of Project Libra, ongoing efforts to achieve regulatory clarity for the industry, and the novel concept of a U.S. digital dollar, the level of interest on Capitol Hill appears to have grown beyond what has typically been just a handful of legislators.
The Crypto-Currency Act of 2020 was introduced by Representative Paul Gosar (R-AZ) as a way to regulate crypto by economic function while the Token Taxonomy Act, sponsored by Representative Warren Davidson (R-OH), focuses on a technological approach to regulation. Both of these bills look to divide up the responsibility of regulation amongst a few different agencies, while the bill from Rep. García (D-IL) would essentially make the Federal Reserve as a sole regulator for cryptocurrencies.
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