CryptoLink - July 2024 Updates

The Senate has yet to take action on the 21st Century Act (FIT21) (H.R.4763) which passed the House by a comfortable margin of 279-136 on May 22, 2024. FIT21 is a proposed landmark piece of legislation that would enact a comprehensive regulatory framework for the digital assets industry. Sens. Cynthia Lummis (R-WY) and Kirsten Gillibrand’s (D-NY) Lummis-Gillibrand Responsible Financial Innovation Act (S.2281) also awaits consideration in the Senate. On July 10, 2024, the Senate Agriculture, Nutrition, and Forestry Committee held a hearing titled “Oversight of Digital Commodities” during which Chair Debbie Stabenow (D-MI) stated that she intends to “advance bipartisan legislation that would give the CFTC regulatory authority over digital commodities.” On July, 8, 2024, the Republican Party released their 2024 Platform with a section on cryptocurrency stating, “Republicans will end Democrats' unlawful and unAmerican Crypto crackdown and oppose the creation of a Central Bank Digital Currency. We will defend the right to mine Bitcoin, and ensure every American has the right to self-custody of their Digital Assets and transact free from Government Surveillance and Control.” Trump, who once criticized digital assets as being “based on thin air,” has recently become one of the technology’s biggest advocates, claiming that he would turn the U.S. into the “crypto capital of the planet.” On July 21, 2024, President Biden ended his reelection campaign, opening the door for Vice President Kamala Harris to become the new Democratic nominee. Vice President Harris and her new running mate, Gov. Tim Walz, have not been especially active on crypto, but reports suggest that with Biden exiting the race, Democrats may be poised to move in a pro-crypto direction.