Cryptocurrency Regulation in Congress

SOURCE www.breitbart.com
House Majority Whip Tom Emmer discusses the battle between pro-crypto lawmakers and 'dinosaurs' in Congress and 'kleptomaniac bureaucrats' like SEC Chairman Gary Gensler. Legislation like the FIT for the 21st Century Act aims to protect consumers and clarify regulatory oversight on cryptocurrencies.

Key Points

  • H.R. 4763 aims to clarify regulatory overlap between SEC and CFTC on cryptocurrencies
  • H.R. 5403 CBDC Anti-Surveillance State Act prohibits the Federal Reserve from offering a CBDC
  • Legislation passed to eliminate SEC's Staff Accounting Bulleting No. 121

Pros

  • Increased transparency in the cryptocurrency market
  • Protection of consumers from regulatory overlap

Cons

  • Resistance from older members of Congress to embrace digital currency
  • Concerns about central bank digital currency being used for surveillance