The US Congress introduced 35 crypto-related bills in 2021

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The United States Congress introduced 35 crypto-related bills in 2021, primarily related to general regulation, blockchain applications, and consumer protection.

The United States Congress introduced 35 cryptocurrency and blockchain technology bills in 2021. The year has been a pivotal year for the industry in the United States, which has placed much more emphasis on regulation of cryptocurrencies than in previous years. Most of the bills were for general cryptocurrency regulation, blockchain application, and central bank digital currencies (CBDCs).

The best 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 concern the study of applications of blockchain technology and consumer protection.

However, some members of Congress opposed the bill for its crypto language, saying it simply wouldn’t work. A few U.S. senators are known to support the cryptocurrency asset class and have fought for more accommodating regulation.

It’s no surprise that CBDCs have been one of the main areas that officials focus on. The government is keen to ensure that it remains competitive with innovations but does not want to rush things.

2022 set to be another pivotal year for crypto

The US government has been relatively slower to get started than other countries, although that appears to be changing. For example, with respect to a CBDC, officials said they would rather “do it right” than be the first to do it.

Stablecoins have been a particularly painful point for governments around the world, not only US Senator Elizabeth Warren and Treasury Secretary Jane Yellen have both expressed concern over fiat-fixed assets, but the US has not. have adopted no official laws concerning them.

SEC Chairman Gary Gensler has detailed a list of potential tasks on the regulatory path, although nothing major has been implemented yet. The SEC has been busy with its ETF decisions, but it is clear that some action will be taken next year.

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