Despite call for Congress to act, new crypto laws look unlikely this year

Despite call for Congress to act, new crypto laws look unlikely this year

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Despite call for Congress to act, new crypto laws look unlikely this year

The Block2 months ago
CryptocurrencyCryptocurrency
GaryGary
CapitolCapitol
Published on October 05, 2022 18:00 GMT+00:00edited on October 06, 2022 13:31 GMT+00:00

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Cryptocurrency advocates and regulators can agree on one thing: Congress should pass new laws for crypto. Whether Congress can agree on what those laws look like remains uncertain. 

The Financial Stability Oversight Council (FSOC) recommended lawmakers pass legislation to establish a federal framework for stablecoins, allow for direct oversight of cryptocurrency spot markets in bitcoin and ether, and pass legislation to increase transparency around digital asset projects. The report sets an ambitious agenda for lawmakers. 

Stablecoin legislation is arguably the furthest down the road, due to the algorithmic stablecoin crash earlier this year and bipartisan talks that have lasted several months. The bill in its current form appears stalled, though Monday's report could restore momentum.