House ‘Right’ to Pursue Crypto Bill, Late in Session for More Progress

The chairman of the Senate Finance Committee told the Consensus 2024 audience that the House is on the right track on the FIT21 bill.

Wyden said he and others in the Senate decided to curb the Securities and Exchange Commission’s controversial crypto accounting standard and reconsider using a “different standard” for custody of digital assets.

AUSTIN, Texas – Sen. Ron Wyden (D-Ore.), a U.S. Senate Democrat who has expressed some support for crypto issues, cast doubt on Friday that a legislative solution for the industry would move quickly, but he did offer a proposal. CoinDesk’s Consensus 2024 tracker said this momentum will continue in Washington next year.

Following the recent passage of the Financial Innovation and Technology for the 21st Century Act (FIT21) in the House, led by Rep. Patrick McHenry (R-N.C.), it has the support of one-third of Democrats. – Legislation to create the digital assets market structure is now in the hands of the Senate.

“We’re starting out late in this session, so it’s unclear how far the bill will go,” Wyden said at the event in Austin, Texas. “But I think Mayor McHenry is right to create some kind of regulatory framework and focus more on combating scams and rip-off artists.”

“We’ve made a lot of progress, but we still have a long way to go,” Wyden said.

Read More: US Lawmaker at Crypto Debating Center Predicts Digital Assets Act by Next Year

Wyden, chairman of the Senate Finance Committee, cited U.S. Securities and Exchange Commission Staff Accounting Bulletin No. He was among 11 Senate Democrats who joined Republicans in seeking to reverse the crypto accounting policy, known as Bill 121 (SAB 121). The House and Senate passed a resolution reversing the policy, but President Joe Biden threatened to veto it.

“It basically sets a different standard for crypto than what everyone else has for custody in the financial industry,” Wyden said. “A group of us said: ‘Let’s pause here and take the time to make sense rather than creating a completely separate and unique barrier to store customers’ crypto.’”

The senator, who is also a member of the Congressional Internet Caucus, said he supports stablecoins and innovations in blockchain technology, such as the creation of portable medical records.

He said Congress frequently tackles new technology, but added that cryptocurrency is a “great issue for people to work on” in this year’s congressional elections.

“There’s no doubt that interest here has increased,” he said. “It’s driven by a lot of young, creative people.”