- Jason Brett, former FDIC regulator, has stated that congress is focusing more on regulating digital assets.
- This is unlike previous policies that focused on regulating private stablecoins.
- So far, the Congress has proposed 18 bills for cryptocurrency and blockchains.
In an analysis that Jason Brett published, former Federal Deposit Insurance Corporation (FDIC) regulator, he notes that the current 117th Congress broke off from their former policy by shifting focus from the regulation of private stablecoins such as Facebook’s Diem Project. It appears to be more occupied with regulating decentralized digital assets this year.
Further, Brett notes that Congress’ digital asset bill, The Eliminate Barriers To Innovation Act, made the most progress since its debut in March. Other than this, in July, Congress introduced the Digital Asset Market Structure and Investor Protection Act to create legal definitions for digital assets and securities.
Even though the goals of these bills are for the improvement of the U.S’ crypto market, the industry does not take everything well. Most of the bills had last-minute amendments.
However, there are still other bills that fared a lot better. For example, the ones by supporters of the digital space like Congressman Tom Emmer, who presented three bills this 2021. His most popular bill, the Securities Clarity Act (H.R. 4451) received approval from Coin Center, Blockchain Association, and Chamber of Digital Commerce.