The Importance of Crypto and Blockchain Bills

Legislators and cryptocurrencies

Bitcoin is the oldest and biggest cryptocurrency when it comes to market capitalization. However, there are hundreds of cryptocurrencies across the globe. However, Bitcoin retains the status of the most valuable cryptocurrency for years. Moreover, crypto companies continue to expand their services to attract new customers as well as investors.

It is worth mentioning that, lawmakers in the U.S. as well as South Korea, and others are working to create or to modify crypto bills.

For example, members of Congress, and U.S. senators, introduced 32 bills in the 116th Congress, the current meeting of the legislative branch of the federal government.

It is not surprising that significant parts of the bills introduced by lawmakers relate to crypto and illegal activities. For instance, twelve bills address the use of cryptocurrency in potential terrorism, money laundering, and other criminal activities.

Crypto-related bills and main challenges

Crypto and blockchain bills

One of the most important challenges is to come up with crypto-related bills that will be acceptable for all sides.

Interestingly, out of 32 bills, thirteen of them relate to the regulatory framework and treatment of crypto money and blockchain. Furthermore, legislators introduced five bills connected with blockchain technology and how the U.S. government could use this technology. Also, the two newest bills cover the concept of a digital dollar.

Additionally, one bill addresses how foreign adversaries such as Venezuela are trying to use crypto to avoid sanctions imposed by the U.S.

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Additionally, Senator Lindsey Graham introduced a bill that will improve the situation. The bill introduced by Graham took a different approach by elevating the importance of crypto exchanges to the same level as the financial institutions.

The list of crypto and blockchain bills includes a number of interesting proposals. Moreover, lawmakers from Congress, as well as Senate, should pay more attention to crypto-related bills.

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