In 2021, 35 legislation connected to cryptocurrencies and blockchain technology were introduced in the United States Congress. In the United States, the year marked a watershed moment for the industry, with significantly more emphasis on cryptocurrency regulation than in prior years. The majority of the measures dealt with cryptocurrency regulation in general, blockchain technology, and central bank digital currencies (CBDC).
The Infrastructure and Investment Jobs Act, which President Joe Biden and his administration drafted, is the most well-known of these proposals. The bill also includes a crypto tax rule, the proceeds of which will for paying the bill’s activities.
The Consumer Safety Technology Act, the Blockchain Innovation Act, and the Digital Taxonomy Act are a few additional significant measures. These bills are related to the investigation of blockchain technology’s applications and consumer protection.
However, several members of Congress opposes to the bill. This is due to the cryptic wording, claiming that it would not work. A few senators in the United States are supporters of the bitcoin asset class. Also, are fighting for more lenient regulation.
CBDCs are unsurprisingly one of the primary areas on which officials are concentrating their efforts. The government wants to stay competitive through innovation, but it does not want to rush into anything.
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