Today is the Meritocracy: America Innovation Forum and I was lucky enough to be invited to participate in it. This forum is going to last all day and has several members of Congress from both parties speaking along with leaders in both the Biden Administration and the technology/crypto industry as well. The first speakers though came out dropping HUGE news about current and future crypto regulation since we have recently seen leaked documents emerge from the Financial Resources Committee. 

The two Congressmen to take part in this first discussion were Representative Tom Emmer who is a co-chair of the Congressional Blockchain Caucus and Representative Trey Hollingsworth a member of the Financial Resources Committee who has been very active in fintech and crypto topics. During this discussion about the role that the government had in crypto and what if any rules or regulations need to be enacted or not. While both sides have been working together and with stakeholders on a bill to address stablecoin usage. Hope was expressed by both that the two sides could come together on this however thus far they have not been able to.  

It was then that Representative Emmer announced that in a few hours a Republican Stablecoin Payment Option bill was going to be dropped by Representative Patrick McHenry, the Ranking Member on the Financial Services Committee. Recently there have been leaks about proposed legislation from this committee and Rep. Emmer addressed this saying that what was leaked was parts of the bill being prepared by Representative Maxine Water, the Chairwomen of the Financial Services Committee. The Republican bill is extremely narrow and focused explicitly on stablecoins. The reason for this is due to SEC Head Gary Gensler who issued rules stating that stablecoins are going to be regulated as a security and not as a currency.

If SEC Chair Gensler gets his way and stablecoins like USDC are regulated as securities this would effectively destroy their purpose of being used to pay for goods and services. This type of regulation is extremely burdensome and only large companies that can handle the paperwork and regulation that accompany it would end up accepting it. It would stop adoption by businesses and industries which is something that both sides of the aisle agree is a bad thing. The legislation that is supposed to be announced will carve out or create the ability for stablecoins that meet certain criteria to be considered currency and not be classified as securities which would end up protecting them and ensure their future usage. The two members did not want to reveal too much but they did announce that this legislation would be dropping in just a few hours! 

I cannot wait to see this bill drop and to be able to pour into it and compare what is into it with what various members of today's forum discuss! With several more Representatives lined up to speak today, it will be interesting to see if any of them address this development! 

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 further support me 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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