TL;DR In the last week chatter in the House Office Buildings has been growing about crypto legislation. Before the Ripple judgment, we had Senators Lummis and Gillibrand introduce S. 2281 a bipartisan crypto regulation bill. Since the judgment, Democratic Rep. Ritchie Torres has released a letter calling out the SEC which has rapidly gained Republican House Member support. Next week, July 26th, the House Financial Services Committee will be marking up its own piece of legislation which is why Brian Armstrong is on the Hill today talking with the Democratic Caucus.
A lot has been posted and said about the US Congress and its handling or lack thereof with the crypto industry feeding them to the wolves who are aimlessless walking around. This last week though in the halls of the House Office Buildings the chatter has substantially increased due to the XRP judgement and the SEC's response to it. Last night we had one of the biggest bipartisan moves yet and it was right here
https://twitter.com/WarrenDavidson/status/1681383044593115137
Here is a readable picture of Rep. Torres's letter to Gensler.
Representative Ritchie Torres has been a growing vocal supporter of the crypto space. In this aspect, he has bucked his party much much more than other Democratic proponents of crypto and this publically released letter to Gary Gensler just furthers this. The link I shared though shows how big this is because Rep. Warren Davidson a Republican retweeted it saying he stands with Rep. Torres and how he hopes they can work together to quickly fix this regulation space. That tweet then was retweeted by the House Financial Services Committee which is something you just do not see all that often!
Just 2 weeks ago the long long-awaited Sen. Lummis and Sen. Gillibrand bipartisan bill was introduced in the Senate. Next week the House Financial Services Committee has scheduled the vote on the crypto legislation that they are gearing up to release to the public. For once instead of the politicians just talking we are seeing actual legislation not only be introduced, something that did not happen last Congress, but also have Committee Hearings on these topics to help craft the legislation. Previously these critical steps were just plain not done.
Lastly, Coinbase CEO Brian Armstrong is on the Hill today meeting with the Democratic Caucus to answer questions and rally support behind crypto legislation that has been circulated internally. Since he is meeting with the House side I have a strong feeling he is advocating for at least some of the House Financial Services legislation since that markup is next week and Republicans have been trying to make this a bipartisan legislation move.
Please know I am not a financial advisor and make sure you do your own research! If you enjoyed this article and would like to support me further below are a few referral links that if you used when signing up I would appreciate it! Also, follow me on Twitter @Cje95_
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