In a twist of cosmic irony that could only be orchestrated by the universe’s most mischievous prankster, the re-election of President Donald Trump has sent crypto advocacy groups into a frenzy. They’ve decided that Congress, that grandiose circus of political theatrics, is now the place to be—specifically, the most crypto-friendly Congress in the history of, well, ever. 🎪
Ron Hammond, the senior director of government relations at the Blockchain Association (a title that sounds suspiciously like a superhero’s alter ego), informed CryptoMoon editor Jesse Coghlan that the Senate Banking Committee and the House Financial Services Committee are set to become the epicenters of pro-crypto policies. Because, of course, nothing says “let’s embrace the future” like a bunch of politicians in suits discussing digital coins over lukewarm coffee.
Enter Congressman French Hill, who has been appointed as the chairman of the House Financial Services Committee. Hill, with all the enthusiasm of a cat in a room full of laser pointers, is not a fan of the previous administration’s regulatory approach. He boldly declared that introducing a crypto market structure bill within the first 100 days of the legislative session is a priority for the GOP leadership. Because why not? It’s not like they have anything else to do, right?
On January 24, the House Committee on Oversight and Government Reform decided to launch an investigation into Operation Chokepoint 2.0. They sent letters to crypto industry leaders and advocacy groups, presumably asking for their thoughts on the matter, along with a side of fries. 🍟
The Senate Banking Committee
Senator Tim Scott, the self-proclaimed champion of the Senate Banking Committee, is waving the pro-crypto flag with all the fervor of a football fan at a championship game. He promised sweeping regulatory reform for digital assets before the 2024 elections, which is about as likely as finding a unicorn in your backyard.
At the Bitcoin 2024 conference, Scott lamented that the former leadership at the SEC was like a stubborn mule, preventing pro-crypto policies from galloping into the sunset. “We have to get rid of the folks who are in the way,” he declared, as if he were auditioning for a role in a political action movie. 🎬
“The one thing I will absolutely guarantee will be done is watching your legislation get a vote, pass the Banking Committee, and we’re going to fight to make it a law in the United States of America.”
Following Scott’s grand proclamation, the Republicans swept the elections in November 2024, securing both chambers of Congress, the Presidential election, and the popular vote. It was a political victory that could only be rivaled by a cat video going viral.
Senator Lummis appointed chair of the Senate Banking Subcommittee on Digital Assets
In a move that surprised absolutely no one, Wyoming Senator Cynthia Lummis was appointed by Scott to chair the Senate Banking Subcommittee on Digital Assets in January 2025. Lummis, with the enthusiasm of a kid in a candy store, stated that the subcommittee’s primary goals included passing comprehensive digital asset legislation and preventing government regulatory agencies from overreaching. Because who doesn’t love a good game of regulatory whack-a-mole?
She also mentioned that legislative initiatives would include a comprehensive market structure bill, stablecoin regulations, and provisions for a Bitcoin strategic reserve. Because if you’re going to do something, you might as well do it with flair! 🎉
Challenges and looking ahead
Stand With Crypto, a group that sounds like a superhero team, told CryptoMoon that the current Congress has a “mandate” to pass comprehensive crypto regulatory reform. They proclaimed:
“The 52 million crypto users and innovators across America elected a historic pro-crypto Congress in 2024 — sending 278 pro-crypto candidates to the House of Representatives and 20 to the Senate.”
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2025-01-25 23:20