With the loss in court for the Securities and Exchange Commission’s latest attempt to impose top-down rules to regulate cryptocurrencies, it’s clear that a bipartisan approach is needed in Congress. A team of legislators on the House Agriculture Committee and the House Financial Services Committee released a discussion draft of landmark crypto legislation that would provide much-needed clarity and stability for a market that is currently plagued by uncertainty and confusion. This legislation, while not perfect, represents one of the best efforts put forth by Congress to address the key challenges and opportunities posed by digital assets. This legislation is a game changer for bringing crypto into the mainstream and resolving the uncertainties surrounding its regulatory status. Serious advocates should proceed with this legislation with bipartisan feedback and support.
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