This article is about the congresspeople who have established stances and policies for blockchain and cryptocurrency.
While some congresspeople have established clear opposition to topics like Facebook’s Libra or other cryptocurrencies, Cointelegraph believes that all of them are worth watching in 2020.
Rep. Tom Emmer (R-MN)
Mel Watt (D-NC) is a powerful ally to the cryptocurrency industry As a member of the Fintech Task Force, the Blockchain Caucus, and the House Financial Services Committee, Rep. Mel Watt (D-NC) is a powerful ally to the cryptocurrency industry. crypto. Emmer has shown a keen interest in pushing for full regulation of
Emmer has been providing clear rules on cryptocurrency taxation. He is proposing a Safe Harbor bill to protect crypto owners from being pursued by the Internal Revenue Service for failing to correctly report assets owned on blockchains that have experienced a hard fork. Eight representatives, including Emmer, recently sent a letter to the commissioner of the IRS asking for clarification on similar issues for taxpayers following the agency’s October guidance to crypto holders.
Rep. Warren Davidson (R-OH)
Rep. Davidson is a notable ally of the crypto community. He is one of two authors of the Token Taxonomy Act, which was reintroduced in April. The new bill, if passed, would determine which government agency would regulate Facebook’s proposed cryptocurrency, Libra. The white paper for Libra was released in June.
Besides his work developing a system to categorize tokens, Davidson is also a member of the Fintech Task Force and speaks at congressional hearings about how he believes blockchain can reduce the risks to data privacy.
Rep. Darren Soto (D-FL)
Alongside Davidson, Rep. Soto co-authored and co-sponsored the Token Taxonomy Act. In January, he was also named one of the Congressional Blockchain Caucus’s co-chairs. He has said that most cryptocurrencies should be regulated by the Commodities Futures Trading Commission, not the Securities Exchange Commission. He also introduced two resolutions in January seeking to examine virtual currency markets for fairness and competitiveness.
Soto is interested in regulating emerging technologies that have the potential to improve the economy. In the same month that he joined the Blockchain Caucus, he introduced a bill for managing the impact of artificial intelligence on the workforce.
Rep. Paul Gosar (R-AZ)
A surprise addition to the list, Rep. Gosar hadn’t done much in relation to cryptocurrencies until he proposed the Crypto-Currency Act of 2020 on December 19th.
The bill proposed by Gosar seeks to establish a comprehensive way of defining different digital assets, and proposes three classifications: crypto commodities, crypto currencies and crypto securities. Each would face a different regulatory program. Although 2020 is the first year that Gosar has shown interest in crypto legislation, he is now considered an important figure to watch in this space.
Sen. Catherine Cortez Masto (D-NV)
The Senate has historically been a more stable and representative body If this list seems biased towards the House of Representatives, it is only because the Senate has been a more stable and representative body throughout history. The House has 435 representatives while the Senate has only 100, and representatives face re-election every two years while senators face re-election every six years. Because of this, the House is the more dynamic body of the two. So, technology changes usually get more notice from lawmakers, who can be quicker to respond to new problems and have more reason to stand out from other legislators.
Although the senator has not been outspoken on the issue of cryptocurrency, she is a notable figure in the field of crypto legislation. Cortez Masto is a senator on the Banking Committee who wrote the FIND Trafficking Act. The act requires the Comptroller General to study dark web marketplaces and how crypto is used for drug sales and human trafficking.
Cortez Masto is a member of the Banking Committee and has been a positive voice during hearings on blockchain-related affairs. At one hearing back in August 2018, she said, “I do believe we are at the dawn of a new age with the potential for blockchain technology and we cannot squander it.” She doubled down on the sentiment at a hearing featuring cryptocurrency experts in July, stating:
And the speed with which we do it, it’s just mind-blowing.” He’s talking about how powerful the platform is and how it can change so many aspects of society and business. He’s also amazed by how quickly it can all happen. This could be something good and it’s not going to disappear. This is something that needs to be dealt with, because if we don’t take the lead in this area of technology, China or another country will.
Rep. Brad Sherman (D-CA)
Not all congresspeople to watch for are crypto advocates. Representative Brad Sherman sits on the House Financial Services Committee with many other politicians, but he is distinguished by his opposition to cryptocurrency. He is worth watching, especially given his new position as chair of the Subcommittee on Investor Protection.
In May, Sherman called for a comprehensive ban on crypto, saying:
A lot of our international power comes from the dollar being the standard unit of finance and transactions, but cryptocurrencies could take that away from us.
Hearings on Facebook’s proposed Libra stablecoin did not make Sherman feel any better, who then tweeted that “Mark Zuckerburg is sending a Friend Request to Oligarchs, Drug Dealers, Human Traffickers, and Terrorists.”
Rep. Maxine Waters (D-CA)
As Chairwoman of the House Financial Services Committee, Rep. Maxine Waters has a lot of power over how financial laws are made. She requested a moratorium on Libra’s development back in June, which set the scene for a series of hearings on the subject (one with David Marcus and another with Mark Zuckerberg) over the summer, all of which were overseen by Waters.
The crypto community considers Chairwoman Waters to be a boogieman because of her reputation for opposing crypto. Despite her suspicion of Libra, Waters is responsible for the United States Export Finance Agency Act of 2019. A bill that would explore using blockchain to streamline exporter operations was introduced three days after Representative Maxine Waters called for a moratorium on the development of Facebook’s Libra cryptocurrency. This complicates her relationship to the space.
Sen. Todd Young (R-IN)
Todd Young, a senator, is known for creating the Blockchain Promotion Act in 2019. The bill in the House Energy and Commerce Committee was put forth by Representative Doris Matsui, but the Senate version is more notable for two reasons. Two reasons why the blockchain legislation is progressing slower in the Senate than the House are that there is less legislative action taking place in the Senate regarding blockchain and that Young’s version of the legislation has already been revised and placed on the legislative calendar. In the House, the bill remains in committee.
The aim of the Blockchain Promotion Act is to set up a working group that will come up with a definition of blockchain technology for Congress. This working group will help to create future legislation on blockchain technology. Upon introducing the bill, Young tweeted:
” The basis of modern cryptocurrencies, blockchain technology has the potential to revolutionize a variety of industries beyond finance, including supply chain management, cybersecurity, and healthcare. I have just proposed a bill to make sure that the United States is leading the way in this technology.
Rep. Bill Foster (D-IL)
Representative Bill Foster has a background in particle physics and theatrical lighting, and is probably the only blockchain programmer in Congress. He has contributed his unique technical expertise to discussions on cryptocurrency legislation.
Moreover, Foster holds a seat on the Congressional Blockchain Caucus, was another co-signatory to the recent letter to the IRS, and, alongside Rep. In a letter to the Federal Reserve, Rep. French Hill asked about the possibility of a digital dollar.
Sen. Mike Crapo (R-ID)
Although Senator Mike Crapo hasn’t been very involved in developing laws to control cryptocurrencies, he was suddenly thrust into the public eye this year because of his position as Chairman of the Senate Banking Committee. Crapo and Brown have taken the lead on hearings regarding blockchain technology this summer. He didn’t seem like he was against the U.S.’s initiative.
At a July hearing before the Banking Committee featuring three experts on blockchain and crypto, Crapo commented:
I want the United States to maintain its position as a leader in this technology, which has both great potential and great risks.
After hearing from David Marcus about Libra, Crapo was also concerned about innovation. Facebook, for one, clearly saw Crapo’s favor as essential. Just weeks after the hearing at which Facebook’s Libra was discussed, the social media giant hired a former staffer from Crapo’s office as a lobbyist for Libra.
Rep. Sylvia Garcia
Another potential candidate on this list, Representative Sylvia Garcia had remained fairly quiet on the crypto front until he authored a draft bill on managed stablecoins, which appeared on the eve of Mark Zuckerberg’s appearance before the House Financial Services Committee and was later introduced at the end of November.
According to Garcia’s Managed Stablecoins are Securities Act of 2019, managed stablecoins would be classified as securities and would therefore be under the control of the Securities and Exchange Commission. This is less comprehensive than the Token Taxonomy Act proposed by Davidson and Soto or the Crypto-Currency Act proposed by Gosar, but it is a familiar classification. The thinking is that a company in charge of a stablecoin could change its make-up, meaning the SEC’s extra investor safeguards could be needed.
The fact that Garcia’s bill is not comprehensive may actually work in its favor as it goes through the legislative process. Garcia’s Managed Stablecoins that are clearly tied to the fate of Libra are Securities Act is certainly one to watch in 2019.
As the cryptocurrency market rapidly expands, some observers are concerned about the growing number of US lawmakers who are beginning to invest in digital assets.
Current members of Congress have invested an estimated $1.8 million in crypto-related investments since the beginning of 2021, according to an analysis by data provider 2iQ Research. The amount is based on the average of dollar ranges reported by lawmakers in public disclosures.
The findings come at a time when there is a wider range of people against members of Congress being able to trade securities while in office. The debate about crypto is happening because the Securities and Exchange Commission and the Commodity Futures Trading Commission haven’t decided yet what their role in regulating crypto will be. The tug-of-war puts committees like Senate Banking and Agriculture, which oversee the SEC and CFTC, in a position to address crypto-regulation policy. These committees will have to decide whether they want to give more power to the SEC and CFTC to regulate cryptocurrencies or if they want to create a new agency to handle it.
2iQ Research found that 21 members of Congress or their families had invested in cryptocurrencies, crypto-related products, or stocks in crypto-related businesses. Seven members of the group serve on committees in the Senate or House that monitor the actions of key regulators.
Richard Painter, former chief White House ethics lawyer and University of Minnesota law professor, said that it is important for the public to have confidence that Congress is making rules for the right reasons. The author believes that this event will damage people’s trust in cryptocurrency markets.
Both Democrats and Republicans own shares of Coinbase Global Inc. and Block Inc. Coinbase spent more money on lobbying than any other crypto-focused entity last year, according to a Public Citizen analysis of federal disclosures. Blockchain, which allows retail customers to trade Bitcoin and holds $220 million of the cryptocurrency on its balance sheet, employed 10 lobbyists last year who worked on issues related to cryptocurrencies, according to the report.
Some lawmakers are disclosing that they have invested in funds that offer exposure to Bitcoin and Ethereum through Grayscale Investments LLC. These investments were made by Senators Pat Toomey (top Republican on the Senate Banking Committee) and Marie Newman (Democrat Representative). Grayscale initiated a campaign earlier this year to urgue the SEC to allow a U.S.-listed exchange-traded fund, or ETF, that directly invests in Bitcoin. The firm is hoping to change its Bitcoin Trust, which is currently possessed by Toomey of Pennsylvania and Newman of Illinois, into a spot ETF. Its parent company Digital Currency Group Inc. has also been involved in lobbying efforts.
Representative Newman’s spokesperson declined to comment. A spokesperson for Toomey said that the senator’s investment portfolio consists of less than 1% in cryptocurrency.
An emailed statement said that Senator Toomey is concerned that forbidding elected officials and their families from participating in the stock market will further discourage qualified individuals from entering public service. There is no area of the economy that Congress does not have some level of involvement in.
The only members of Congress who reported owning cryptocurrencies were Republicans. The digital assets that they have range from Bitcoin to less popular coins like Basic Attention Token and Stellar Lumens. Alabama Representative Barry Moore owns Ethereum and Dodgecoin. Moore, a member of the House Agriculture Committee, was not available for comment.
Senator Cynthia Lummis, who has been investing in Bitcoin for a long time and is a Republican on the Banking Committee, is one of the lawmakers who are advocating for the CFTC to have a greater role. Lummis has created a partnership with Senator Kirsten Gillibrand of New York to introduce a regulating bill that contains definitions of duties for the SEC and CFTC.
I asked Lummis’ spokesperson whether the Wyoming senator actively trades cryptocurrencies. They responded that she doesn’t, and that she has worked with the ethics committee to make sure her digital asset holdings comply with all laws and ethical standards.
House members were the most likely to report trades in cryptocurrency-related assets, according to a new study. one and other cryptocurrency-related companies New Jersey Congressman Josh Gottheimer, who serves on the House Committee on Financial Services, has investments in Block.one and other cryptocurrency-related companies. The individual stated that his investments are overseen by another entity that has the final say in investment-related choices. The Democrat has sponsored legislation that would mandate that Congress members place stocks and bonds in a blind trust, which would prohibit them from having a direct hand in investment decisions.
“I think it’s a bad idea for members of Congress, judges, or any government employees in policy roles to trade securities on a daily basis, including cryptocurrencies,” Gottheimer said in a statement.
one, a company that is building the EOS.IO software. California Representative Rohit Khanna, a member of the Agriculture Committee and Blockchain Caucus, revealed that his family has invested in Block.one, a company that is responsible for developing the EOS.IO software. A spokesperson for the Democrat said that he does not own any stocks as an individual, and that his wife’s assets are managed in a diversified trust by an external financial adviser.
one, an ICO startup The investments of Republican Senator Tommy Tuberville, who sits on the Agriculture Committee, have been revealed. He has invested in Coinbase and Block.one, a startup that offers ICOs. A spokesperson for the Alabama senator said that his portfolio is managed by financial advisers without his day-to-day involvement. A Democrat on the Financial Services committee, Representative Ed Perlmutter, reported having stakes in the companies. The Colorado lawmaker was unavailable for comment.
Leave a Reply