Digital asset policy will be a topic of discussion during the November 5, 2024, U.S. elections. Candidates should be explicit about the laws that would shape the future of money and embrace pro-crypto legislation, according to industry backers. Since the SEC primarily relies on enforcement rather than developing a consistent policy, there is a lot of confusion surrounding crypto regulation.
Voters who are interested in cryptocurrency will need to base their decisions on the stances taken by the candidates and the important legislation that Congress is now considering. A summary of the key crypto-related bills that potentially influence the sector’s future can be found here.
Bill | Summary | Status |
Financial Innovation and Technology for the 21st Century Act (FIT21) | Introduced by Rep. Glenn Thompson in 2023, this bill aims to give the Commodity Futures Trading Commission (CFTC) regulatory control over sufficiently decentralized digital assets. The SEC would still oversee digital assets classified as securities. | Passed the House, awaiting Senate vote |
CBDC Anti-Surveillance State Act | Proposed by Rep. Tom Emmer to prevent the Federal Reserve from creating or using a central bank digital currency (CBDC) that directly interfaces with consumers, citing concerns about privacy and governmental overreach. | Passed the House, awaiting Senate vote |
Clarity for Payment Stablecoins Act of 2024 | Reintroduced by Rep. Patrick McHenry, this bill would provide a regulatory framework for U.S. dollar stablecoins, allowing smaller issuers (under $10 billion market cap) to be regulated at the state level. | Pending in both chambers |
Digital Asset Anti-Money Laundering Act | Proposed by Sen. Elizabeth Warren, it would impose strict anti-money laundering requirements on digital asset providers, equating them with traditional financial institutions. The bill has sparked criticism for being anti-crypto. | Not yet passed in Congress |
Financial Technology Protection Act of 2023 | Suggested by Rep. Zachary Nunn, it aims to establish a working group to tackle financial crimes related to emerging technologies like crypto. | Passed the House, pending Senate deliberation |
Equal Opportunity for All Investors Act | Introduced by Rep. Mike Flood, this act would let individuals qualify as accredited investors by passing a test rather than meeting wealth-based criteria, broadening access to private investments. | Passed the House, awaiting Senate approval |
Blockchain Regulatory Certainty Act | Rep. Tom Emmer’s bill proposes exempting blockchain developers and service providers from certain financial reporting, provided they don’t manage customer funds directly. | Advanced in the House committee, yet to pass in either chamber |
Keep Your Coins Act | Proposed by Rep. Warren Davidson, this bill aims to protect consumer rights to use self-custodial wallets for transactions, safeguarding personal access to digital assets. | No current support for advancement |
What to Watch for in 2024
As voters head to the polls, their choices will impact the future of digital asset policy. The bills listed cover essential areas, from investor access to financial freedom and government oversight. How each of these bills progresses could change the regulatory landscape for digital assets in the U.S.
Disclaimer
FAQ
Cryptocurrency is a digital form of currency secured by cryptography, not controlled by governments or banks.
Cryptocurrency wallets are digital tools for storing and managing your crypto assets.
Best practices for crypto investment include research, diversification, investing what you can afford to lose, and avoiding hype-driven investments.
