Really since crypto made its debut on the public stage in 2017, there has been an ongoing debate on if Congress would or could regulate crypto. This subject was consistently a hotbed of savage debate with people really losing their minds over it. At first Members of Congress were pretty oblivious to crypto and what it could do with some Members even making statements about how crypto should be turned off like a light switch. As illogical as this sounds at the time some people really thought this was an actual solution.
Congress has come a long way in those years since then but at the same time that does not mean that it is all figured out. Working groups, GAO studies, and CRS studies have all been launched to understand what and how crypto works with Members slowly but surely learning some. This has resulted in the general depth of knowledge increasing considerably as staff along with Members together learned more about this area.
While knowledge has substantially increased that is not to say that it is completely figured out. Even now there are tech-savvy Members who have just recently said they are unsure of what exactly crypto is. Some Members who have made these comments are some old-school legislators like Bernie Sanders but also others like Josh Hawley.
It is important at the same time to understand that in general Members should not be expected to know everything out there. Due to the complexities and layers of industries like crypto and blockchain Members and Committees have staff whose whole job centers around understanding these things. However, this really does show that while substantial progress has been made there are still issues that Congress faces in any sort of legislation that is brought to consideration or occurs.
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