U.S. Congressman Matt Gaetz has introduced a bill to allow federal income taxes to be paid with bitcoin. Inspired by El Salvador’s success with the cryptocurrency, the lawmaker believes this move will modernize the U.S. tax system, promote innovation, and maintain America’s technological leadership. Lawmaker Proposes Bill to Allow Federal Income Taxes to Be Paid […]
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US Lawmaker Urges Nigerian Government to Grant Humanitarian Release for Jailed Binance Employee
Two U.S. lawmakers, French Hill and Chrissy Houlahan, have added their voices to calls for the release of jailed Binance executive Tigran Gambaryan. The lawmakers made this call shortly after visiting Gambaryan at Nigeria’s notorious Kuje Prison. Hill believes that Gambaryan is being wrongfully detained on charges related to money laundering. Prison Officials Accused of […]
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US Lawmaker Proposes Stricter Digital Asset Regulations to Enforce Russian Sanctions
U.S. Congressman Brad Sherman has proposed an amendment designed to enhance the enforcement of sanctions on Russian digital assets. The amendment allows the Treasury Secretary to prohibit crypto transactions linked to Russian entities and requires U.S. taxpayers to report crypto transactions offshore exceeding ,000 to the Financial Crimes Enforcement Network (FinCEN). New Amendment Seeks to […]
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US Congress Building Pro-Crypto Army, Lawmaker Says
Crypto is gaining momentum among U.S. lawmakers. Senator Cynthia Lummis stated: “We are building a pro-crypto army in Congress.” This declaration came shortly after the House of Representatives passed the landmark Financial Innovation and Technology for the 21st Century Act (FIT21) crypto bill, despite opposition from the White House and SEC Chairman Gary Gensler. ‘We […]
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US Lawmaker Introduces Bill to Dismantle Fed’s Board of Governors and Abolish the Central Bank
Following the policymaker’s survey, U.S. Representative Thomas Massie (R-Ky.) announced the introduction of H.R. 8421, known as the “Federal Reserve Board Abolition Act.” This legislation aims to dismantle the Board of Governors of the Federal Reserve and close its branches across the continental United States. Federal Reserve Board Abolition Act Resurfaces Two days ago, Massie, […]
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US Lawmaker Slams SEC’s Investigation of Ethereum — Says Chair Gensler Intentionally Misled Congress
U.S. House Financial Services Committee Chairman Patrick McHenry has slammed both the U.S. Securities and Exchange Commission (SEC) and Chair Gary Gensler regarding the SEC’s investigation into ethereum, suggesting that ether might be classified as a security. Additionally, the lawmaker emphasized that Gensler intentionally misled Congress on the issue. ‘Chair Gensler Himself Misled Congress’ The […]
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Lawmaker Highlights 2 Bills to Make US a Crypto Leader — Says Bitcoin Is ‘Unstoppable’
Congressman Patrick McHenry says bitcoin is unstoppable and every regime that’s tried to shut it down has failed. He emphasized that the U.S. must become a leader in digital assets, noting that two congressional bills offer a path toward clear regulations. Two Pieces of Legislation Could Provide Greater Clarity in Digital Assets Congressman Patrick McHenry […]
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US Lawmaker Expects Donald Trump to Become ‘a Lot More’ Crypto Friendly in Second Term as President
U.S. Representative Tom Emmer expects former U.S. President Donald Trump to become “a lot more” friendly toward cryptocurrency if he returns to the White House. Trump has launched three non-fungible token (NFT) collections since leaving office. Meanwhile, some analysts predict that bitcoin’s price could reach record highs if Trump wins the presidential election this year.
Donald Trump Expected to Become Much More Crypto-Friendly
House Majority Whip Tom Emmer (R-MN) believes that former U.S. President Donald Trump’s potential return to the White House could usher in a regulatory landscape more favorable to the crypto industry. Emmer, who endorsed Trump in the 2024 Republican presidential primary, is a vocal crypto supporter. The congressman was quoted as saying:
If the second Trump administration takes place, [the] president will be a lot more friendly to the crypto industry.
Trump was no fan of bitcoin or other cryptocurrencies while he was president. “I am not a fan of bitcoin and other cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated crypto assets can facilitate unlawful behavior, including drug trade and other illegal activity,” he wrote on Twitter (now X platform) in July 2019.
However, since leaving office, the former U.S. president has launched three non-fungible token (NFT) collections. The most recent one was the Mugshot Edition unveiled in December last year. His first NFT collection was a digital card collection featuring art of his life and career. His second NFT digital card collection was launched in April, which was 19 days after he was indicted with 34 felony counts of allegedly falsifying business records. According to an on-chain analysis, Trump recently sold ETH worth millions he acquired from the NFT sales.
Brian Brooks, a former chief legal officer at crypto exchange Coinbase who served as Acting Comptroller of the Currency from May 2000 to January 2021, commented:
The people that [Trump] would put in regulatory roles are much more likely to at least be crypto-open, if not overtly crypto-friendly, than this administration.
Trump recently warned of a stock market crash and another Great Depression if he doesn’t win the presidential election this year.
Asset management firm Vaneck’s analysts predict that the price of bitcoin will hit record highs if Trump wins the presidential election this year. “We think the bitcoin price will reach an all-time high on November 9th,” the firm wrote in its 15 crypto predictions for 2024. Former U.S. Securities and Exchange Commission (SEC) official John Reed Stark noted in September last year: “Crypto-voters might be one-issue voters and are a powerful and passionate constituency, so perhaps former President Trump will change his crypto-tune dramatically.”
Do you think former U.S. President Donald Trump will become a lot more crypto-friendly if he is elected president of the United States this year? Let us know in the comments section below.
US Lawmaker Spotlights Crypto Bills Approved by House Committee This Year
U.S. Congressman Tom Emmer has highlighted various crypto bills that passed out of the House Committee on Financial Services this year. Among them is his appropriations amendment barring the U.S. Securities and Exchange Commission (SEC) “from using taxpayer dollars on its abusive crypto enforcement tirade until Congress passes legislation giving the SEC jurisdiction over this industry.”
Crypto Bills Greenlighted by House Financial Services Committee in 2023
U.S. Congressman Tom Emmer (R-MN) summarized the House Financial Services Committee’s achievements in 2023 on social media platform X last week. He emphasized that the committee “has moved more legislation in 2023 to boost our capital markets, welcome innovation, and hold unchecked regulators accountable than in previous years.”
The lawmaker proceeded to highlight various bills related to crypto legislation that were greenlighted by the committee during the year. “In July, we passed the Blockchain Regulatory Certainty Act out of Committee to streamline one of the largest barriers to entry in the digital asset space: money transmission regulation,” the congressman described.
Moreover, he noted that “key language” from his Securities Clarity Act was included in the Financial Innovation and Technology (FIT) for the 21st Century Act, which passed out of Committee in July, emphasizing:
This legislation lays the foundation for the Ripple decision, clarifying that a token isn’t automatically a securities contract.
“My bipartisan bill, the Securities Clarity Act, carves this concept in stone to provide the regulatory confidence needed to make sure the next iteration of the internet is designed with American values,” the lawmaker added.
In addition, his CBDC Anti-Surveillance State Act passed out of the committee in September. Rep. Emmer opined:
This is a historic step in defense against the ever-expanding government surveillance apparatus. The bill is cosponsored by 75 members of Congress.
“If not open, permissionless, and private – like cash – a CBDC [central bank digital currency] is nothing more than a CCP-style surveillance tool that can be weaponized to oppress the American way of life,” he previously explained. “We’re not going to let that happen – not on House Republicans’ watch.”
Moreover, Congressman Emmer shared: “Without opposition, in November the House passed my appropriations amendment barring the SEC from using taxpayer dollars on its abusive crypto enforcement tirade until Congress passes legislation giving the SEC jurisdiction over this industry.” The lawmaker opined:
Gary Gensler is as ineffective as he is incompetent … Congress will hold unelected bureaucrats accountable.
The congressman concluded: “This is just the beginning. In 2024, the second half of the 118th Congress, I look forward to moving these measures through the House.”
What do you think about the crypto bills approved by the House Financial Services Committee? Let us know in the comments section below.
US Lawmaker Blasts SEC for Deliberately Obfuscating Crypto Regulations — Questions Chair Gensler’s Personal Agenda
A U.S. lawmaker has slammed the Securities and Exchange Commission (SEC) for having a deliberate policy preference to provide less clarity to the crypto market. “The SEC is not adhering to the law. That’s why it keeps losing in court,” said Congressman Tom Emmer as he questioned SEC Chair Gary Gensler’s personal agenda.
‘SEC Has a Deliberate Policy Preference to Provide Less Clarity to the Marketplace’
House Majority Whip Tom Emmer (R-MN) slammed the U.S. Securities and Exchange Commission (SEC)’s approach to the regulation of the crypto industry on Tuesday at a hearing of the House Subcommittee on Digital Assets, Financial Technology and Inclusion titled “Fostering Financial Innovation: How Agencies Can Leverage Technology to Shape the Future of Financial Services.”
The lawmaker posted on social media platform X after the hearing:
If it wasn’t obvious before, it’s certainly obvious now: The SEC has a deliberate policy preference to provide LESS clarity to the marketplace instead of more clarity. Complete disservice to our great capital markets.
Among the witnesses who testified in the congressional hearing was Valerie A. Szczepanik, director of the SEC’s Strategic Hub for Innovation and Financial Technology (Finhub).
Referencing a speech titled “Digital Asset Transactions: When Howey Met Gary” given by William Hinman in June 2018 when he was the director of the Division of Corporation Finance at the SEC, Emmer explained that in this speech, Hinman discussed “how tokens can morph from securities to non-securities and he stated that ether is not a security.”
Citing Szczepanik’s review of Hinman’s draft speech, the congressman quoted her as saying at the time that providing “less detail in a speech is better because the concept of a token morphing from a security to a non-security was a new concept and would generate a lot of discussions.” Emmer emphasized:
You thought the SEC should give less clarity to the market rather than more … When the industry complains about a lack of clarity, I see this as a deliberate policy reference. Does the current SEC chair share that view?
Szczepanik declined to comment on the current chair’s view.
Congressman Emmer proceeded to ask Szczepanik whether Finhub has “issued any guidance since Chair Gensler took office to clarify how security laws apply to crypto.” After the Finhub director failed to provide an answer, Emmer said: “I take the answer is no, because it is no. It seems to be rulemaking through enforcement actions.”
Concerning Hinman’s speech stating that ether is not security, Emmer asked Szczepanik: “Is that your view today?” However, she declined to answer, stating that she couldn’t comment on a particular asset. The congressman concluded:
The SEC is not adhering to the law. That’s why it keeps losing in court. Does the chairman of the SEC tell you to adopt positions to further a specific goal, his own personal goal rather than allegiance to the law?
Szczepanik replied: “I can’t comment on any matters that are pending litigation.”
Emmer has repeatedly criticized the SEC and Chair Gensler for their enforcement-centric approach to regulating the crypto industry. In June, he joined Rep. Warren Davidson in supporting the SEC Stabilization Act that seeks to fire Gensler as the chair of the securities regulator. The House of Representatives recently adopted an amendment Emmer attached to the Financial Services and General Government Appropriations Act of 2024 that limits the authority of the SEC to carry out enforcement actions against the crypto industry. In November, the lawmaker from Minnesota urged Congress to spend resources to “bring more crypto activity and opportunities onshore to bolster U.S. national security.”
Do you agree with Congressman Tom Emmer about the SEC and do you think SEC Chair Gary Gensler has a personal agenda in regulating the crypto industry? Let us know in the comments section below.