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A U.S. Crypto Bill’s 2024 Chances

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The crypto industry has been begging for issue-specific legislation in the U.S. for years, in the hopes that this legislation may create clear permissions for companies to develop and issue tokens, manage blockchain networks or otherwise operate free of the concern that regulators may come knocking. The closest Congress has gotten so far is the Financial Innovation and Technology for the 21st Century Act, a House bill supported by Financial Services Committee Chair Patrick McHenry (R-N.C.). With a limited number of working days left in the year, the chances for crypto legislation moving through the Senate are slim. So here’s what could happen and the potential roadblocks.



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A ‘pro-crypto’ congress is coming: Coinbase CLO

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In an interview, Paul Grewal, Coinbase’s Chief Legal Officer, said that a shift is coming in the U.S. crypto legislative landscape. He forecasted the emergence of a “pro-crypto” Congress following the 2024 elections. 

Grewal discussed in a Bloomberg Crypto interview how bipartisan support for crypto and evolving political dynamics will soon lead to more favorable crypto policies. Grewal mentioned how there is a growing interest of both Democrats and Republicans toward crypto and digital assets. 

“There’s no question about it; we are going to see a pro-crypto Congress emerge, regardless of the particular outcome in individual races, and of course, the outcome in the presidential race.”

Paul Grewal

This development starkly contrasts the current regulatory environment led by the SEC under Gary Gensler. Gensler has questioned crypto and Bitcoin’s (BTC) legitimacy, emphasizing its association with fraud, manipulation, and illicit activities despite the SEC’s earlier approval of Bitcoin ETFs.

FIT 21

Grewal’s optimism towards Congress seemed rooted in recent bipartisan legislative efforts, such as the FIT 21 bill, which he described as a strong foundation for establishing a clear market structure for cryptocurrencies while ensuring critical investor protections.

The bill, which passed with bipartisan support in the House, is now under consideration in the Senate.

Grewal emphasized the growing recognition among lawmakers of the importance of crypto, as shown by the support of 71 Democrats and Republicans in the House.

Pro-crypto congress

Moreover, Grewal discussed the broader implications of a pro-crypto Congress, suggesting that such a shift could lead to a regulatory environment more focused on legislation than on litigation—a departure from the current SEC approach. 

Grewal pointed out the global context, noting how other regions, particularly Europe, have adopted more pragmatic and consistent crypto regulations, which could serve as a good model for the U.S. 

“We’re seeing a much more sensible, pragmatic, and still tough approach being taken in Europe, focusing on legislation, not litigation.”

Grewal



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House Financial Service Committee

U.S. House Passes Crypto Illicit Finance Bill That's Likely to be Rebuffed in Senate

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The U.S. House of Representatives has approved another piece of cryptocurrency legislation with a routine voice vote, though the bill to set up a government working group to assess how to keep bad actors from using digital assets isn’t likely to become a law as-is.



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