Why We Should Not Expect to See a Cryptocurrency Bill before the End of the Year
The focus for lawmakers right now is the US election, which takes place in November. That leaves very little time left in the year’s docket for any crypto currency legislation to be dealt with.
That is why political and crypto experts say there is only a slim chance that a cryptocurrency bill will go into effect before the end of 2024. While there is a path for crypto legislation, according to Republican leaders Senator Tim Scott and Senator Cynthia Lummis, that path would likely take any crypto bill through the Senate Agriculture Committee.
In that committee, the bill would have to come from commodities law. If the committee were to approve the bill, then it would probably not be complete once it is passed. The bill may be added to amendments and provisions, making it something called a Christmas Tree bill, since so many additional items would hang onto it.
The problem that any crypto legislation would face, however, is that it would be opposed by a number of political leaders, particularly from the Democratic party, which has been much stricter in their view on cryptocurrency. With all the obstacles a bill like this might face- any bill that would attempt to open the doors of commerce for cryptocurrency within the United States- it would likely take months for the bill to be approved. Any opposing parties would want to whittle down the bill and limit its power or make it more restrictive.
Does a Crypto Bill Have a Chance?
Cryptocurrency needs proper regulation that would account for changing views on the currency as well as how the technology around it has changed, in order to make it available for the current economic environment. New legislation could do that, and sentiment on crypto from government bodies has changed in some ways for the better.
Crypto is more understood now than it was a few years ago because it has become more mainstream. There is a better chance that a law like this will pass, and there is more of a push from government leaders to put a bill like this into effect. The question is whether that bill will pass soon or if it will cem sometime in 2025. Because of the election and how many political resources that takes up, it seems much more likely that the bill will come in 2025.
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