Bipartisan support for crypto is ‘fragile’ — Congressman John Curtis

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As a seasoned crypto investor with a keen eye for political trends, I find myself both encouraged and cautiously optimistic about the recent statements made by Congressperson John Curtis and Senator Mike Lee at Permissionless III. Their recognition of the need for bipartisan cooperation on digital asset policy is a breath of fresh air in the often partisan Washington landscape.

At the Permissionless III conference, Representative John Curtis from Utah and Senator Mike Lee of Utah shared their insights on the upcoming direction of digital asset regulation within the United States.

When inquired about the potential resurgence of bipartisan efforts to repeal Staff Accounting Bulletin-121 (SAB-121), a law that heavily restricted banks from holding cryptocurrency, the congressional member replied, “I believe so, but it’s quite delicate.” He further added:

“I think it’s really important for all of us — all of you as you push this issue in Washington — to realize if it becomes a partisan issue, we will have a very, very difficult time. Anything in Washington that becomes partisan struggles.”

In summary, Curtis emphasized the need to identify common grounds with Democrats to reach an agreement on regulatory policies regarding cryptocurrencies, as he found that his fellow legislators had difficulty grasping their intricacies.

Later, Curtis urged experts from the industry to clarify the complex aspects of cryptocurrency for legislators, aiming to alleviate their apprehension towards the unfamiliar.

Senator Mike Lee weighs in

Senator Mike Lee expressed an opinion that three potential negative events for cryptocurrencies could occur:

Lee described the approach of allowing each state to set its own cryptocurrency policies as “A slow, fatal demise” for the sector, emphasizing that digital assets represent an entirely new category of assets that necessitate innovative regulatory frameworks.

The senator explained to the crowd, “Cryptocurrencies are neither securities nor commodities; instead, they function as a means of trading goods and services.” He further expressed his view, “I believe that gains from the transfer of cryptocurrencies should not be subjected to capital gains tax.

In a final point, the Utah senator emphasized that for the cryptocurrency sector to grow and flourish, it’s crucial for the government to refrain from excessive regulation or stifling the emerging industry.

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2024-10-13 19:36