The United States Congress has push forwarded a total of 18 bills concerning the cryptocurrency and blockchain industry this year. The move represents a positive shift in crypto adoption and regulations.
<h2><strong>Congress Has Introduced 18 Cryptocurrency Bills This Year</strong></h2>
In an analysis <a href="https://www.forbes.com/sites/jasonbrett/2021/08/22/congress-has-introduced-18-new-bills-on-crypto-and-blockchain-in-2021/?sh=514e4fe0263b" target="_blank" rel="nofollow noopener">published</a> on Aug. 22 by the former Federal Deposit Insurance Corporation regulator, Jason Brett, the United States Congress proposed a total of 18 blockchain and cryptocurrency bills this year in a bid to bring more regulatory clarity.

Interestingly, the U.S. Congress looked upon regulating decentralized digital assets this year, shifting its focus from private stablecoins such as Facebook’s Diem project, formerly called Libra.

In July, Congress introduced the <a href="https://www.cryptoknowmics.com/news/us-congressman-proposes-legislation-to-regulate-digital-asset-market/">Digital Asset Market Structure and Investor Protection Act</a> that proposes to create distinct statutory definitions for digital assets and digital asset securities, respectively. As of now, the bill is yet to pass.

In the event of approval, the legislation will place digital asset securities in the jurisdiction of the Securities Exchange Commission (SEC) while the Commodity Futures Trading Commission (CFTC) would look upon regulating digital assets.

Of all the crypto bills, The Eliminate Barriers To Innovation Act has made the most progress since being introduced in March, according to Brett.  The Act aims to establish a joint working group facilitating collaboration between the SEC and CFTC in regulating the blockchain and crypto sectors. The bill has already passed both Congress and the House of Representatives and is now awaiting the Senate.
<h2><strong>Not All Crypto Bills Were Well Received from the Industry</strong></h2>
With so many bills, not every proposal drew positive reactions from the crypto industry as most were last-minute amendments. For instance, in July, a <a href="https://www.cryptoknowmics.com/news/us-senators-reach-an-agreement-on-a-contentious-crypto-amendment/">last-minute amendment</a> made to the bipartisan infrastructure deal included a sweeping definition of cryptocurrency “brokers” that forces reporting requirements for network validators and software developers.

Meanwhile, Congressman Tom Emmer has been among the most active in the digital asset space, having introduced three bills this year. His most popular bill, the Securities Clarity Act, received approval from Coin Center, Blockchain Association, and Chamber of Digital Commerce.

US Congress Has Introduced 18 Bills on Crypto and Blockchain This Year

The United States Congress has pushed forwarded a total of 18 bills concerning cryptocurrency and blockchain industry this year.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

US Congress Has Introduced 18 Bills on Crypto and Blockchain This Year

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