Congress Proposed 35 Bills in 2021, Signaling Intent to Regulate the Crypto Market

Congress Proposed 35 Bills

The US Congress introduced 35 proposed legislation related to cryptocurrency in 2021, largely related to general regulation, blockchain applications, and the protection of consumers.

The year was instrumental to the industry in which the United States saw a significant focus on cryptocurrency regulation than in the prior years.

Most of the bills were focused on general cryptocurrency regulation, blockchain application, and central bank digital currencies (CBDC).

The most popularly known of these bills was the Infrastructure and Investment Jobs Act that President Joe Biden and his leadership created. The bill is comprised of a provision on crypto tax, the proceeds that will be used to finance the activities of the bill.

Notable bills include Consumer Safety Technology Act, the Blockchain Innovation Act, and the Digital Taxonomy Act. These bills are associated with studying applications of blockchain technology and the protection of consumers.

Meanwhile, some congresspersons were against the bill for its language on cryptocurrency, stating that it would not work.

Source: Beincrypto

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