Tag Archives: us congress

.A Republican-led effort to free American banks to provide crypto custody services has been shut down by the Democrat-led White House. On Wednesday, the House of Representatives discussed and prepared to vote on House Resolution 109 (H.J. Res. 109), which would strike down prior accounting guidance from regulators to banks planning to offer the service to customers. Hours before the vote began, however, the Biden Administration stated its intention to veto the resolution if...

Brian Nelson was grilled during a House Financial Services Committee hearing providing oversight of the Financial Crimes Enforcement Network (FinCEN) and the Office of Terrorism and Financial Intelligence, according to a press release from Representative Tom Emmer on Feb. 14. Treasury Undersecretary Brian Nelson had to answer for reports that Hamas received $41 million and Palestinian Islamic Jihad received $93 million in cryptocurrency donations. He admitted that the...

A recent move was the introduction of the Digital Asset Anti-Money Laundering Act, another bill aiming to curtail the use of cryptocurrencies in America. On Dec. 11. the bill gained five new Senators as cosponsors, including, unsurprisingly, three members of the Banking Committee.  Crypto advocate Evan Van Ness posted a list of Senators he claimed were “paid off by the banks to cosponsor Elizabeth Warren’s anti-crypto bill,” A list of US senators paid off by the banks to...

The Biden administration is being called upon by over 100 lawmakers in the United States to clarify its efforts at combatting global terrorist financing using cryptocurrencies. The bipartisan letter follows reports that Hamas, the Islamist organization that launched attacks on Israeli civilians earlier this month, used crypto to raise millions of dollars over the past two years. Terrorism and Crypto Citing the Wall Street Journal, lawmakers alleged that between August 2021...

The House Financial Services Committee (HFSC) approved a slew of proposals related to digital asset regulation last month, of which any could be the first piece of crypto-specific legislation signed into U.S. federal law. Here’s a summary of the differences between the most important bills, and what each could mean for crypto as a whole. 4 Crypto Bills: A Summary One of the most high-profile bills to score approval was the Financial Innovation and Technology for the 21st...

The House Financial Services Committee (HFSC) failed to reach an agreement for stablecoin legislation on Thursday due to a number of disagreements Democrats had with its existing text. Committee Chair Patrick McHenry (R-NC) blamed the White House for holding up the bill, while Democrats alleged that Republicans were attempting to rush incomplete legislation. No Compromise For Stablecoin Bill The bill, titled the Clarity for Payment Stablecoins Act of 2023, would allow the...

U.S. Congress undertook its first-ever markup for digital asset legislation on Wednesday, attempting to establish clear jurisdiction for the nation’s chief market regulators. The bill was not well received by Democrats, however, many of whom find it overly friendly to the crypto industry, and similar to what disgraced FTX boss Sam Bankman-Fried had advocated for. Democrats Blast Crypto Bill During the hearing, House Financial Services Committee (HFSC) Chair Patrick McHenry...

The Biden Administration’s federal budget proposal to charge a 30% tax on all Bitcoin miners in the United States has been scrapped, a national policymaker confirmed on Sunday.  The withdrawal is part of a series of tax-related concessions made by the administration in negotiations surrounding the nation’s fast-approaching debt ceiling. No More Mining Tax Ohio Rep. Warren Davidson shared the text for the newly proposed debt ceiling deal on Sunday – a culmination of...

Bitcoin-friendly Republican Senator Cynthia Lummis doesn’t think the Biden Administration’s proposed 30% excise tax on Bitcoin miners isn’t likely to make it through the House.  On stage at Bitcoin Miami 2023, the politician remained supportive of miners, and believes the industry’s proliferation throughout the United States is a matter of national security.  Mining: Dirty or Clean? During the interview, Lummis spoke about the excise tax with Perianne Boring, a member of the...

Two committees in the US House of Representatives held the first-ever joint hearing related to crypto on Wednesday, seeking to carve a path forward to legislation on digital assets.  The early stages of the hearing proved combative, with certain Democrats questioning whether crypto-specific legislation should be signed at all.  A Focus On Making Law The hearing, held by the House Financial Services Committee (HFSC) and the House Agriculture Committee, was titled “The Future...