Thread
I've been co-leading the bipartisan Blockchain Caucus with @RepDarrenSoto. As 2021 wraps up, I wanted to update you on the Caucus, my work and what we need to accomplish in 2022 to support crypto and web3 innovation in the US.
Let's start with the different actors on the Hill moving crypto policy:
1. @BlockCaucus: We're a group of 40+ Republicans & Democrats who work together to advance a commonsense regulatory approach for web3. The Caucus's support has become instrumental to advancing web3 policy.
1. @BlockCaucus: We're a group of 40+ Republicans & Democrats who work together to advance a commonsense regulatory approach for web3. The Caucus's support has become instrumental to advancing web3 policy.
2. @FinancialCmte: Congress can't ignore crypto anymore. @PatrickMcHenry prioritized crypto policy for Republicans on the Committee. Maxine Waters, the Chair, followed suit to some degree, but Ds typically lean skeptical for investor protection and environmental reasons.
This may lead some to think crypto policy is becoming partisan - it is not. Education is key to orange pilling, and FSC's last crypto hearing reaffirmed that crypto is very much still nonpartisan.
3. Senate Banking + Finance Committees: In wake of the Infrastructure bill fiasco and misguided crypto tax amendment, key members on these committees spoke out and supported legislative fixes. This helped identify members willing to lead on crypto in the Senate.
4. Industry: Many incredible organizations educate Members + their staff. There are three keystone groups: @coincenter (a think tank), @BlockchainAssn and @DigitalChamber. More groups are coming on the scene to represent crypto interests. We are immensely grateful to all.
Now for a recap of what's been done:
In 2021, Congress introduced 35 crypto bills. There are several bipartisan, industry supported proposals on the table. I have introduced three bipartisan crypto bills and have cosponsored many more. www.forbes.com/sites/jasonbrett/2021/12/27/in-2021-congress-has-introduced-35-bills-focused-on-us-cry...
In 2021, Congress introduced 35 crypto bills. There are several bipartisan, industry supported proposals on the table. I have introduced three bipartisan crypto bills and have cosponsored many more. www.forbes.com/sites/jasonbrett/2021/12/27/in-2021-congress-has-introduced-35-bills-focused-on-us-cry...
But, we have yet to see anything pass out of Congress and get signed into law. We will very likely see this change after the midterms, so it's more important than ever to start preparing our agenda for the next term.
1. McHenry's Keep Innovation in America Act - this is a good fix for the crypto pay-for in the infrastructure bill.
2. My bill, the Securities Clarity Act - helps determine when a token is offered as part of a securities contract or not.
2. My bill, the Securities Clarity Act - helps determine when a token is offered as part of a securities contract or not.
3. @CongressmanGT 's bill, the Digital Commodities Exchange Act, gives the CFTC the authority to regulate crypto spot markets.
4. And finally, a SEC token safe harbor bill that takes an issuer from issuance to decentralization. McHenry has one that mimics Hester's proposal
4. And finally, a SEC token safe harbor bill that takes an issuer from issuance to decentralization. McHenry has one that mimics Hester's proposal
Bipartisanship for all bills is key.
But Congress has two primary jobs: 1) legislating. 2) holding regulators accountable (some folks at the SEC come to mind). Bills are hard to pass, so holding regulators accountable is just as important of a job, if not more.
But Congress has two primary jobs: 1) legislating. 2) holding regulators accountable (some folks at the SEC come to mind). Bills are hard to pass, so holding regulators accountable is just as important of a job, if not more.
This Congress, I put pressure on our regulators on everything from crypto tax to BTC ETFs to crypto accounting standards and much more.
There's a lot of work to be done, and a focus on stablecoins, CBDCs, BSA/KYC, mining, and tax will be top of mind for Congress.
There's a lot of work to be done, and a focus on stablecoins, CBDCs, BSA/KYC, mining, and tax will be top of mind for Congress.
That said, we still have foundational questions to answer. What digital assets are securities/commodities/currency? Lots to figure out, but we have all of 2022 to gear up for it so we can pass critical legislation when the agenda and priorities change after the midterms.
