The U.S. Congress has introduced over 80 new bills for consideration related to the industry, of which several have passed into law.
Former U.S. A regulator with the Federal Deposit Insurance Corporation FDIC Jason Brett has released an article about 50 different digital asset bills introduced to Congress that impact regulation, blockchain, and CBDC policy. The bills consist of six different categories:
Brett references HR 3684 - the bill on criptotaxation, which must be implemented by January 1, 2023 in the tax reporting requirements. The HR 3684 bill may require miners and stakers to pay tax in dollars on non-liquidassets, because of the wording in it.
The industry is not sure how the state will enforce such a tax or how miners, stakers, and programmers will report the necessary information to the tax authorities. In addition to that, Congressman Tom Emmer introduced the Safe Harbor For Taxpayers With Forked Assets Act of 2021 HR 3273 to protect investors who have received assets from forked chains. The HR 3273 bill would cover any new coins issued in the proposed fork of the Terra LUNA blockchain currently going through governance.
Congress has also introduced a bill to study the potential for implementing a Central Bank Digital Currency CBDC with a:
Other proposed bills are aimed at studying the impact of central banks allowing Bitcoins to be legal tender, reducing the exposure of CBDCs to the public, and using a digital dollar as a means of distributing stimulus funds.
There are several bills that have been introduced to clarify terminology regarding digital asset securities definitions, potential price manipulation of virtual currency, and ensure that:
Two bills passed into law regarding criptocurrencies are S. 1605 and H.R. The National Defense Authorization Act for Fiscal Year 2022 S. 1605 references criptomes in an update to the This results in the law are now reading simply:
The analysis is based on the national strategy for combating terrorism and related forms of illicit finance. The second bill to pass is the 2022 Consolidated Appropriations Act, which is related to the situation in Ukraine. The bill puts in a section entitled Other Matters a section entitled Other Matters.
The Director of National Intelligence will hold a training briefing within 90 days of the law, passed on March 15, 2022. The number of bills currently going through Congress indicates that Congress wants to be educated on the potential benefits of the technology, which is something that is undoubtedly essential.
Any interested party can view a proposed bill online. The increase in the volume of laws relating to the topic of cryptocurrencies and blockchain can be seen as a bullish indicator for a market that is currently experiencing a significant downturn.
After seven red candles on the weekly chart, it is important to note that the industry isn't completely dependent on price action. Adoption and development is an important part of the solid criptocurrency industry that is resilient, scalable, and robust in the face of a bear market.
The increase in criptocurrency within Congress does not mean that new bills will be pro-crypto. It is impossible to make progress without cryptocurrencies being a part of the conversation.