The latest wave of the financial crisis has brought cryptocurrencies to the forefront of everyone’s attention. Legislation to regulate the crypto market has become essential during such crises. Congress is now looking into the production and waste of hundreds of billions of dollars over a decade, as well as at least three collapses, frauds, and Ponzi schemes.
In recent years, the cryptocurrency industry has been impacted by a number of mishaps and frauds. In response, members of Congress have proposed numerous proposals to control the sector.
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The Bipartisan Proposal
On Wednesday, Sens. John Boozman and Debby Stabenow, Democrats from Michigan, announced their most recent bipartisan proposal. It would give federal officials the authority to oversee the cryptocurrency and ether markets.
Congressmen from other parties have also proposed allowing the SEC to control the cryptocurrency markets. The prices of many digital assets have dropped significantly this year, which is bad news for cryptocurrency investors and businesses. Bitcoin, the world’s largest cryptocurrency, has dropped nearly 70% since its peak in November 2021.
Furthermore, there have been several cryptocurrencies collapses in the past. Authorities claim that some companies in the sector tamper with their clients’ deposits to ensure their security. As a result, legislators are fed up with the lack of legislation and the crypto industry’s efforts to operate in an unregulated environment.
In 2021, the cryptocurrency industry spent nearly $9 million lobbying on behalf of its numerous members. Given the numerous suggestions made by Congress this year, this figure could rise.
Legislation to Regulate the Crypto Market
Congress has made several proposals to address the issues confronting the crypto sector. In April, Pennsylvania Senator Pat Toomey sponsored legislation authorizing federal authorities to control stablecoins. Because these items have suffered significant losses this year, the senator’s proposed legislation would allow the government to create a framework for regulating them.
In addition, two more senators, Senators Gillibrand of New York and Lummis of Wyoming, submitted a plan to regulate cryptocurrency operations in June. Many provisions in the plan would have allowed the IRS to recognize and use legal definitions of cryptocurrencies.
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