The United States Congress introduced 35 bills related to crypto in 2021, mostly related to general regulation, blockchain applications, and consumer protection.
The United States Congress introduced 35 bills relating to cryptocurrencies and blockchain technology in 2021. The year was a pivotal one for the industry in the U.S., which saw a far greater emphasis on cryptocurrency regulation than in previous years. Most of the bills had to do with general cryptocurrency regulation, blockchain application, and central bank digital currencies (CBDC).
The most well-known of these bills was the Infrastructure and Investment Jobs Act that President Joe Biden and his administration formed. The bill included a rule on crypto tax, the proceeds of which will be used to fund the activities of the bill.
A few other notable bills are the Consumer Safety Technology Act, the Blockchain Innovation Act, and the Digital Taxonomy Act. These bills relate to studying the applications of blockchain technology and consumer protection.
However, some congresspersons were opposed to the bill for its language on crypto, saying that it just wouldn’t work. A few U.S. senators are known to be supportive of the cryptocurrency asset class and have been fighting for more accommodating regulation.
It is no surprise that CBDCs have been one of the major areas that officials are focusing on. The government is keen to ensure that it is staying competitive with innovations but does not want to rush into matters.
2022 likely to be another pivotal year for crypto
The U.S. government has been comparatively slower off the mark than other nations, though that appears to be changing. For instance, with respect to a CBDC, officials have said that they would rather “get it right” than be the first ones to do it.
Stablecoins have been a particular pain point for governments around the world, not just the U.S. Senator Elizabeth Warren and Treasury Secretary Jane Yellen have both expressed concern about the fiat-pegged assets, but the U.S. has not passed any official laws concerning them.
SEC Chair Gary Gensler has detailed a list of potential tasks on the way to regulation, though nothing major has been implemented yet. The SEC has been busy with its ETF decisions, but it’s clear that some actions will be taken next year.