U.S. House Passes Cryptocurrency Working Group Bill: What’s Next for Regulation?
U.S. House Approves Crypto Investigation Bill Amid Senate Uncertainty and 2024 Implications
In a recent move the U.S. House of Representatives passed a bill aimed at creating a working group to investigate the use of cryptocurrency in terrorism and money laundering, according to the published article of CoinDesk. Sponsored by Rep. Zach Nunn (R-Iowa) the legislation was approved with a routine voice vote and would establish a temporary group under the Treasury Department. This working group would include representatives from industry such as blockchain intelligence firms tasked with analyzing the role of digital assets in illicit activities and making recommendations to address these concerns. Despite the House’s approval the bill’s future remains uncertain as it lacks a Senate counterpart casting doubt on its chances of becoming law.
The bill’s passage highlights the ongoing tension in Congress regarding cryptocurrency regulation. While the House has shown a willingness to advance crypto-related legislation such as the Financial Innovation and Technology for the 21st Century Act (FIT21) the Senate has yet to align with these developments. Jaret Seiberg, an analyst at TD Cowen suggested that this latest bill serves more as a political gesture with critics using it to demand stricter anti-money laundering measures and advocates using it to shield themselves from criticisms that their support for digital assets enables criminal activities.
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U.S. House Moves Forward with Crypto 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 positioned as a potential successor to President Joe Biden urging her to adopt a more favorable stance on digital assets. The letter reflecting the industry’s desire for a crypto-positive approach recommended that Harris integrate supportive crypto policies into the Democratic platform and consider a running mate with a strong background 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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