Sen. Thom Tillis noted that the U.S. Congress is only beginning to move legislation on crypto supervision forward. Several concepts are being evaluated to see how much bipartisan support they can garner (R-N.C.).
At a Bipartisan Policy Center event on Wednesday in Washington, D.C., Tillis stated, “We’re going through that mechanical process right now. According to him, “all the proposals coming from various offices” are being examined in an effort to identify elements that could prevent a split in Congress between the major parties. Tillis is a member of the Senate Banking Committee, which will be crucial in moving any crypto legislation forward.
We’re finishing up that inventory right now, and we plan to offer it in the next weeks, he added.
Last year, a number of bills made headway on Capitol Hill. These included a stablecoin oversight bill in the House Financial Services Committee and a bill in the Senate Agriculture Committee that would have created a direct regulatory framework for non-securities crypto trading under the Commodity Futures Trading Commission. None of the prior initiatives have so far in the new legislative session achieved the momentum they once did. The aftermath of the FTX crypto exchange disaster and the more recent collapse in crypto banking have put pressure on politicians right now.
According to Tillis, a bipartisan strategy is “the only way you’re going to get something done in this Congress,” and the result is unlikely to make either side very happy. “This is not going to be an applause line or a crowd pleaser.”
Sen. John Hickenlooper (D-Colo.), who was present at the occasion, concurred that bipartisan agreement will be necessary for the oversight of digital assets. Any decision will be influenced by what lawmakers have observed in the business over the previous few months, particularly the collapse of FTX.
He remarked, “The reputation of cryptocurrencies suffered a serious damage.