Tag Archives: us congress

It would appear that the U.S. Congress is starting to become interested – or concerned – with El Salvador’s adoption of Bitcoin as legal tender. Senators James Risch, Bob Menendez, and Bill Cassidy have introduced a bill titled the  ‘‘Accountability for Cryptocurrency in El Salvador Act’’ (or ‘ACES’ act) to monitor the effects of the nation’s new law on itself and the United States. Keeping an Eye on El Salvador The bill was introduced back on February 18th, but entered the...

Democratic Senator Elizabeth Warren is seldom reserved with her distaste for the crypto industry. Name any common criticism of Bitcoin, and she’s probably shared it already: volatility issues, environmental damage, ‘shadowy super coders’, and what have you. I won’t claim that her criticisms are entirely invalid (though I’ll cover those later), but they’ve become predictable to the point of comedy. Her reputation in the crypto community has entered the ranks of people like...

Today, a major hearing took place on Capitol Hill titled “Digital Assets and the Future of Finance: Understanding Innovation in the United States.” It featured top crypto industry CEOs, including Jeremy Allaire, Sam Bankman-Fried, Brian Brooks, and more. Here’s what some of them told financial regulators about the ideal regulatory landscape. North Carolina Rep Patrick McHenry prefaces the hearing by asking how to ensure the crypto industry grows within the United States and...

Cynthia Lummis – Republican Senator for Wyoming – recently fired back at Hillary Clinton for deriding cryptocurrencies. She suggested that Bitcoin offers a hard money solution to the US dollar’s inflation problems. Lummis Tells Clinton to Embrace The Future Lummis’s comments follow the cautionary words of former Secretary of State Hillary Clinton earlier this week. In a panel discussion at the Bloomberg New Economy Forum in Singapore, the latter suggested that...

Pat Toomey – Senator and ranking member of the Senate Banking Committee – is not finished fighting the infrastructure bill. He recently vowed to fix flawed language within the legislation that stirred major controversy in August. He’s also taken issue with the newly released stablecoin report, which recommends regulating their issuers like banks. Correcting Language On “Crypto Brokers” The senator aired his thoughts during an interview with Yahoo Finance. In conversation with...

Gary Gensler – chairman of the Securities and Exchange Commission (SEC) – recently revealed the US government’s completed stablecoin report. It outlines risks associated with such tokens and provides “prudential” recommendations to congress on how to address them. Stablecoins: Benefits and Risks The POTUS’ Working Group on Financial Markets (PWS) produced the report in collaboration with the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the...

The American lawmakers proposed new cryptocurrency taxation that would raise nearly $28 billion in extra tax revenue. As part of it, digital asset investors in the US would have to report transactions that exceed $10,000 to the International Revenue Service. The Senate Aims to Collect More Taxes According to a recent Bloomberg report, the American government aims to implement stricter rules on companies and people dealing with digital assets. The proposed new taxation law...

The Biden administration reportedly plans to take severe measures on the use of digital assets in ransomware attacks by starting to track such transactions. Crypto Tracing to Combat Cyber Attacks The governing body of the USA discussed how to combat the growing number of ransomware attacks during a virtual briefing with members of Congress. According to Bloomberg, the Biden administration will begin tracing digital assets sent to hackers, who harm firms, corporations, and...

Several US Congress members and a Senator have joined Coinbase in asking the US Treasury to extend the timeframe for responses to the recently proposed crypto regulations. The lawmakers argued that the agency hadn’t provided enough time for all concerned parties to issue their feedback.US Congresspeople Ask For Crypto Regulation ExtensionCryptoPotato reported recently that the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) proposed new regulations on Money Services...

The United States Congress is working on a $2 trillion stimulus bill to mitigate financial hardships due to coronavirus, with Americans set to get up to $1,200 checks for that purpose.The U.S. Congress is currently pushing through a $2 trillion stimulus bill to mitigate the financial effects of the COVID-19 pandemic. Some Americans can expect to receive checks from the government to assist them to cope with the hard times during this coronavirus crisis.Official reports confirm that the...