Originally published on: November 01, 2024
With the upcoming 2024 US elections on the horizon, digital assets have taken center stage in the political arena. Industry leaders and advocates are urging candidates to support policies that are favorable to the crypto industry and the future of finance.
The current lack of a clear and comprehensive digital asset policy in the United States is a growing concern for lawmakers, industry players, and single-issue crypto voters. As voters gear up for the elections, it is essential to understand not only the candidates’ stance on crypto but also the legislation being considered in Congress.
Here are some key pieces of legislation related to digital assets currently up for consideration:
Financial Innovation and Technology for the 21st Century Act (FIT21): Introduced by Pennsylvania Congressman Glenn Thompson, this bill aims to establish a regulatory framework for digital assets. It defines criteria for decentralized assets and gives the SEC the authority to regulate digital assets classified as securities. The bill has passed in the House and is awaiting Senate approval.
CBDC Anti-Surveillance State Act: Introduced by Minnesota Rep. Tom Emmer, this bill aims to prohibit the creation of a consumer-facing central bank digital currency by the Federal Reserve. It also restricts the use of a central bank digital currency for monetary policy. The bill has passed in the House and is pending Senate approval.
Clarity for Payment Stablecoins Act: This bill seeks to regulate US-dollar stablecoins and includes a provision for state-level regulation for issuers with a market capitalization under $10 billion. A similar bill has been proposed in the Senate.
Digital Asset Anti-Money Laundering Act: This bill, introduced by Massachusetts Senator Elizabeth Warren, proposes that digital asset providers adhere to reporting requirements under the Bank Secrecy Act. The bill has faced opposition and has not yet passed in Congress.
Financial Technology Protection Act: Proposed by Iowa Rep. Zachary Nunn, this bill aims to combat illicit finance in emerging financial technologies. It has passed in the House and is under Senate review.
Equal Opportunity for All Investors Act: Introduced by Nebraska Congressman Mike Flood, this bill would expand the definition of an accredited investor and lower the barrier to entry for private securities sales. The bill has passed in the House but is awaiting Senate approval.
Blockchain Regulatory Certainty Act: Introduced by Rep. Tom Emmer, this bill seeks to exempt blockchain developers and service providers from financial reporting requirements. It has advanced to the House of Representatives but has not yet passed in Congress.
Keep Your Coins Act: Introduced by Ohio Congressman Warren Davidson, this bill aims to protect consumers’ ability to use self-custodial wallets for transactions. Its fate is uncertain at this time.
Crypto voters are making their voices heard in the 2024 election, shaping the legislative landscape for digital assets. Stay informed and subscribe to the Law Decoded newsletter for the latest updates on crypto laws and regulations. Make informed choices for your crypto ventures based on the latest guidelines.
