It has been a couple of weeks since I last wrote one of these and honestly will all the news about Crypto it deserved another one so that I could inform my readers of what the newest information is out of Capitol Hill! Last time I wrote about this I mentioned that there was upcoming legislation to deal with cryptocurrency "brokers" and how that was not going to be something that would affect the average user. Well in case you were unaware of the news the Democratic Party is currently dealing with infighting so the bipartisan legislation is not being voted on soon. In fact, the House is not even in session next week so it will be at least the night of the 16th before there are any votes.
That's not to say nothing has happened because of plenty of stuff and I will say good stuff has happened. The biggest news was something that I think we all knew would be the case and that was that the US Securities and Exchange Commission or SEC was not going to ban crypto outright. Honestly, with how large companies were publically holding Bitcoin in particular that would have been almost an impossible task to pull off. Officially though it is not on the record that a China-like ban will not occur outright.
Even crypto skeptics like Senator Elizabeth Warren introduced legislation that is GOOD for crypto. That is right I said it legislation introduced by a cryptocurrency skeptic that was good. Titled the Ransom Disclosure Act this legislation would require reporting of ransomware attacks by victims to the Department of Homeland Security. This is important for one huge reason..... Finally, data that the government collects will show how little of a percentage these nefarious transitions are compared to the huge number of transactions that occur daily! It would also launch a study by the DHS to look into crypto being used in ransomware attacks which is a fair thing to investigate.
Separately the Department of Justice or DOJ is going to create a crypto enforcement group. While the name would lead one to think that they would be trying to investigate all transactions the enforcement group has a clear, defined purpose that is narrow in scope. While fighting cybercrime might seem like a broad thing what they are going after are money laundering efforts that still while minimal in nature do occur. The reason I welcome these announcements so much is that it will keep clearing the air on crypto and rid it of the shadow that has fallen over it.
Last but certainly not least is honestly in my opinion the best news of all! Whenever a Congressman/Congresswomen make financial traction or their spouse does they have to report the said transaction within 45 days. Well, a huge one happened today courtesy of every Bitcoin Hodlers favorite Senator! Senator Cynthia Lummis has disclosed she purchased up to $100,000 of Bitcoin recently! If you did not already know this Freshman Republican Senator from Wyoming actually came out before the elections saying she owned crypto since her son encouraged her to buy it years ago! Since she has been in Congress she has been a steadfast supporter of crypto and its future applications and goes toe to toe with anyone who disagrees! A large purchase like this by an important government official shows that the US is not going to do anything dramatic to crypto. The days of doing so are gone as now too many important people and companies are using it.
Always remember to do your own research about projects in the crypto world as it is still in its early stages! I am also not a financial advisor!
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