The 118th Congress has achieved a milestone of beholding 50 bills and resolutions that have been introduced so far, which cover the Crypto regulatory landscape in different ways. The number of bills does not contain draft legislation on stablecoins from either Senator Pat Toomey (R-PA) or Representative Josh Gottheimer (D-NJ), nor a greatly discussed but not yet public bill that would cloak the entire digital asset regulatory sector from Senators Cynthia Lummis (R-WY) and Kristen Gillibrand (D-NY).
These numbers may be overwhelming but it’s not surprising. The volume of legislation currently announced in Congress shows the passing of the Infrastructure and Investment Job Act which was established as law in 2021, depicting the first time a fresh law that influenced the crypto industry was passed. With the swell in the crypto markets that kept on going after the bill became law last year up until the recent plunge, a lot has been revealed in the media in regards to a spike of crypto lobbying efforts especially attempts to dominate politicians’ momentous campaign fundraising as well.
Furthermore, the types of policy influences that digital assets touch from consumer protection, foreign relations, monetary policy, and interpretations as to how digital assets are considered so long as securities or investments for the industry have widened attention among a greater number of policymakers. Link multiple policy influences with evolving technologies like decentralized finance and NFTs make the search for fresh legislation for the industry a captivating and compound path for policymakers in D.C.