The Crypto Czar and Republican Congressmen Hold Out Hope for Legislation
David Sacks, the “crypto czar,” convened a press conference with Representative French Hill, Senator John Boozman, Senator Tim Scott, and Representative GT Thompson to convey their intention to advance stablecoin and cryptocurrency market structure legislation in both the House and the Senate in the upcoming months.
The congressmen suggested that the market structure bill was likely to resemble the FIT 21 bill, which would establish the Commodity Futures Trading Commission (CFTC) as the primary market regulator for any cryptocurrency that met its comprehensive definition of decentralized. Nevertheless, the Securities and Exchange Commission (SEC) would retain specific responsibilities.
Furthermore, the congressmen proposed that the stablecoin law would be similar to the version of the bill that Senator Hagerty recently introduced. The Federal Reserve and the Office of the Comptroller of the Currency (OCC) will be the regulators responsible for overseeing various stablecoin issuers, according to reports.
Furthermore, it will designate a role for state regulators to supervise certain stablecoin issuers. Scott expressed his intention to expedite the passage of both measures by the Senate within the next 100 days, and the representatives similarly expressed their commitment to expediting the process.
Scott also mentioned that both measures will be bipartisan and specifically identified Kirsten Gillibrand as an individual who will support them.
The congressmen suggested that the stablecoin bill would be more straightforward to advance if either bill undergoes a more rapid revision process.
The press conference contained few specifics, with the exception of the hypothetical legislation that was the subject of discussion. However, the “crypto administrator” did respond to a query regarding the Strategic Bitcoin Reserve by indicating that it will be assessed by the president’s working group.
Also Read: The Hong Kong Bitcoin Reserve is accelerating the use of cryptocurrency