2024 Congressional Crypto Legislation: A Voter’s Guide
TLDR
– Crypto on the Ballot: As the 2024 elections approach, crypto policy is gaining traction with calls for a clear regulatory framework.
– Key Legislation: Various bills like the Financial Innovation and Technology for the 21st Century Act aim to clarify rules around crypto regulation and decentralization.
– CBDC Debate: The CBDC Anti-Surveillance State Act pushes to restrict the Federal Reserve from creating a consumer-facing digital currency.
– Stablecoin Regulation: The Clarity for Payment Stablecoins Act proposes state-level oversight for smaller issuers, setting a framework for USD-backed stablecoins.
– Privacy vs. Control: Anti-money laundering bills led by critics like Senator Warren face backlash for potentially restricting privacy in crypto.
– Investor Accessibility: The Equal Opportunity for All Investors Act seeks to make private investing more accessible through financial knowledge.
– Self-Custody Protection: The Keep Your Coins Act aims to safeguard citizens’ right to self-custodial crypto wallets.
2024 Congressional Crypto Legislation: A Voter’s Guide
As the 2024 U.S. elections near, digital assets are stepping onto the political stage. For the first time, crypto policy is taking center stage, with executives and advocates pressing candidates for pro-crypto policies to foster the future of finance. Yet, a clear, cohesive framework remains elusive as regulators like the SEC continue to enforce crypto regulations through legal actions rather than actual rule-setting. Here’s a breakdown of key crypto legislation currently up for discussion and how it could impact the crypto world.
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Financial Innovation and Technology for the 21st Century Act (FIT21)
The FIT21 Act, brought forward by Congressman Glenn Thompson in 2023, aims to clarify the rules of the crypto game. By bringing “sufficiently decentralized” digital assets under the Commodity Futures Trading Commission (CFTC), FIT21 sets criteria to distinguish decentralized assets from securities.
The bill passed the House in May 2024 and awaits Senate approval. If signed into law, it could end the guessing game and give the SEC the green light to focus on securities rather than stifling innovation.
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CBDC Anti-Surveillance State Act: Keeping Big Brother Out of Your Wallet
Rep. Tom Emmer introduced this bill to bar the Federal Reserve from creating a central bank digital currency (CBDC) that’s consumer-facing. Emmer and others in the crypto community want to ensure that CBDCs aren’t used as a surveillance tool or a means of controlling how and where citizens spend their money.
Having cleared the House in May 2024, the bill awaits a Senate vote. Emmer’s vision for freedom from surveillance has attracted attention from both privacy advocates and crypto supporters.
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Clarity for Payment Stablecoins Act of 2024
Reps. Patrick McHenry, Senators Lummis, and Gillibrand are pushing this act to bring clarity to the stablecoin landscape. A key highlight? It lets smaller stablecoin issuers (with a market cap under $10 billion) be regulated at the state level. The Clarity Act aims to offer a regulatory framework for USD-backed stablecoins, keeping the little guy in play.
The bill hasn’t passed either chamber but could offer a practical path forward for stablecoin adoption in the U.S. if it finally gets through.
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Digital Asset Anti-Money Laundering Act
Senator Elizabeth Warren, a longtime crypto skeptic, has made waves with this bill that places crypto under the same anti-money laundering rules as traditional finance. This anti-crypto act has met backlash, even losing cosponsor Senator Roger Marshall. But Warren’s bill, which has yet to pass either chamber, could be a hurdle for those seeking privacy in crypto.
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Financial Technology Protection Act of 2023
Rep. Zachary Nunn’s Financial Technology Protection Act seeks to create a working group focused on combatting terrorism and organized crime financing in new technologies. The bill passed the House in early 2024 and heads to the Senate. While not explicitly anti-crypto, it focuses on cracking down on illicit finance, a hot topic in crypto spaces.
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Equal Opportunity for All Investors Act
The Equal Opportunity for All Investors Act, introduced by Congressman Mike Flood, aims to widen access to private investments. Instead of focusing only on wealth, this bill allows individuals to qualify as accredited investors by passing a test on financial knowledge administered by the SEC.
This bill passed the House but has yet to clear the Senate, aiming to democratize investment access by allowing more people to participate in private offerings.
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Blockchain Regulatory Certainty Act
Crypto advocate Rep. Tom Emmer brought the Blockchain Regulatory Certainty Act to the House to exempt blockchain developers and service providers from certain reporting requirements, provided they don’t handle customer funds. The bipartisan bill progressed to the House in July 2023 but has yet to pass either chamber.
This legislation has captured the crypto community’s attention as a way to let builders build without regulatory interference.
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Keep Your Coins Act: Protecting Self-Custody Rights
The Keep Your Coins Act, introduced by Rep. Warren Davidson, is a pro-consumer bill meant to ensure U.S. citizens’ right to self-custodial wallets. With Davidson advocating for personal control, the bill is designed to prevent regulatory agencies from banning or limiting self-custody.
Its future remains uncertain, but the act underscores a core principle in the crypto space—self-sovereignty.
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With a host of crypto-related legislation on the table, this election season could mark a turning point in how digital assets are treated in the United States. Whether you’re a crypto diehard, an industry player, or just crypto-curious, understanding these bills can guide your choices and may shape the future of crypto.
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