Cryptocurrencies continue to attract attention from investors, analysts, regulators, and etc. There is no shortage of interest when it comes to cryptocurrency and blockchain policy. It is not surprising as crypto-related companies have the potential to boost the economy.
It is worth mentioning that, members in the House of Representatives, as well as U.S. senators, introduced 32 bills in the 116th Congress, the current meeting of the legislative branch of the federal government.
Let’s have a look at some of them to learn more about the bill connected with cryptocurrencies. Importantly, twelve bills address the use of cryptocurrency in potential terrorism, money laundering, and other criminal activities.
Moreover, out of 32 bills, thirteen of them relate to the regulatory framework and treatment of crypto money as well as blockchain. Also, lawmakers introduced five bills connected with blockchain technology and how the U.S. government could use this technology. Interestingly, the two newest bills cover the concept of a digital dollar.
Crypto-related bills and main findings
Unsurprisingly, the biggest number of bills introduced by lawmakers are connected with cryptocurrencies and criminal activities. Notably, bills introduced by lawmakers cover the use of cryptocurrency by terrorists, money launderers, and other criminals.
Moreover, one bill addresses how foreign adversaries such as Venezuela are trying to use crypto to avoid U.S. sanctions.
Moreover, one bill introduced by Senator Lindsey Graham contains interesting details. Let’s have a look at the bill “Defending American Security from Kremlin Aggression Act”. The purpose of this bill is to promote international efforts to protect financial institutions and crypto exchanges from cyber theft.
The bill introduced by Senator Graham took a different approach by elevating the importance of crypto exchanges to the same level as the financial institutions. There are also interesting bills about the central bank digital currencies and such bills will become even more prevalent in the future.