New Congress Considers Crypto Legislation

The 116th Congress is off to a busy start, and various members in both the House and Senate have introduced a wide range of bills impacting blockchain technology and digital currencies. Some of the bills would provide greater regulatory certainty to operators of blockchain businesses, while others focus on preventing the use of digital currency to facilitate unlawful behavior. A few of the bills were introduced in the last congress but did not pass. Though passage of any bill is never assured, we have summarized a number of the most recent bills of interest to blockchain developers and the crypto community. H.R. 56 The Financial Technology Protection Act would (1) create an interagency task force, led by the Secretary of the Treasury, to conduct independent research on terrorist and illicit use of new financial technologies, including digital currencies, as well as develop legislative and regulatory proposals to improve counter-terrorist and counter-illicit financing efforts;…

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