With lawmakers returning to the US Congress after a two-week recess, attention has turned to the need for advancing cryptocurrency legislation. The deadline for passing laws is set for August.
Crypto Legislation: The Countdown Begins
Lawmakers are hard at work to push through two key bills: market structure and stablecoin regulations. With little time left before the August deadline, there is no room for error. Last Friday, the House Financial Services Committee scheduled a joint hearing with the House Agriculture Committee for May 6, titled 'American Innovation and the Future of Digital Assets.' Clearly, Congress is aiming for a proactive approach, but will they manage to achieve it in time?
Industry Leaders Demand Government Attention
While Congress scrambles, the crypto industry is raising its voice. A petition led by the DeFi Education Fund and key industry leaders is urging President Trump’s Crypto and AI Czar, David Sacks, to intervene in the Department of Justice’s prosecution of Tornado Cash founder Roman Storm. The petition argues that developers should not be criminally liable for how bad actors misuse their code, especially when they have no control over it. The legal theory behind this prosecution could seriously impact innovation.
What’s Next for Crypto?
With Congress hustling to meet the August deadline and the industry pushing for reform, we are in for an eventful few months. This is a critical time for the future of cryptocurrency in America.
Given the ongoing processes and events in the crypto industry, Congress and industry leaders face significant challenges ahead. It remains to be seen how the situation will unfold.
