Ah, the noble pursuit of crypto regulation! Former Congressman Wiley Nickel, a man of great wisdom and perhaps a touch of irony, insists that for any semblance of permanence in legislation, one must traverse the hallowed halls of Congress. It seems that mere executive orders are as fleeting as a summer breeze, destined to be swept away by the winds of political change.
In a rather exclusive tête-à-tête with CryptoMoon’s Turner Wright, Nickel, with a twinkle in his eye, implored the good folks of Washington to unite across party lines. He mused:
“It is of utmost importance for those who hold this issue dear to take a step back and ponder: if you desire lasting change in Washington, you must navigate the labyrinth of Congress. Otherwise, you might as well be tossing coins into a wishing well!”
“We certainly do not wish to repeat the chaotic spectacle we witnessed just months ago with Gary Gensler’s SEC — legislation through Congress is the way forward,” Nickel reiterated, perhaps with a hint of exasperation.
Let us not forget President Trump’s executive order from January 23, which established the Working Group on Digital Assets. This order, which also forbade the development of a central bank digital currency (CBDC), is a classic example of executive whimsy — easily reversed, like a bad haircut.
Both chambers of Congress rush to push through meaningful legislation
In a flurry of activity, Rep. Tom Emmer, the majority whip of the United States House of Representatives, has reintroduced legislation to ban a CBDC in the US on March 6. One can only imagine the fervor in the air as he did so!
Meanwhile, Wyoming Senator Cynthia Lummis has also reintroduced the Bitcoin Act, which, like a sequel to a blockbuster film, builds upon an earlier bill but now allows the US to purchase more than 1 million Bitcoin (BTC). Who knew Congress could be so generous?
Rep. Byron Donalds has recently declared his intention to draft legislation to enshrine the Bitcoin strategic reserve into law — a noble endeavor to protect President Trump’s original executive order from the fickle hands of future administrations.
On March 12, the House of Representatives, in a rare moment of clarity, repealed the IRS broker rule that required decentralized finance platforms to report information to the Internal Revenue Service, with a vote of 292-131. A victory for the people, or merely a reprieve?
At this year’s Blockworks Digital Asset Summit, Democrat Rep. Ro Khanna expressed optimism that Congress would manage to pass comprehensive crypto regulation by 2025, including a stablecoin bill and a market structure bill. One can only hope that the stars align in this chaotic cosmos of legislation!
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2025-03-20 00:54