Crypto Czar and Republican Congressmen hope for legislation

David Sacks, the “crypto czar,” hosted a press conference alongside Representative French Hill, Senator John Boozman, Senator Tim Scott, and Representative GT Thompson to assure the world that they hope to advance stablecoin and cryptocurrency market structure legislation in both the House and the Senate in the coming months.

The congressmen indicated that the market structure bill was likely to resemble the earlier FIT 21 bill, which would make the Commodity Futures Trading Commission (CFTC) the principal market regulator for any cryptocurrency that fit its broad definition of decentralized. However, certain roles would be preserved for the Securities and Exchange Commission (SEC).

Additionally, the congressmen suggested that the stablecoin bill would resemble the bill recently introduced by Senator Bill Hagerty. This legislation will reportedly make the Federal Reserve and the Office of the Comptroller of the Currency (OCC) the regulators who would oversee different stablecoin issuers.

Additionally, it will reserve a role for state regulators to oversee some stablecoin issuers.

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Scott indicated that he hoped both bills would be passed out of the Senate within the next 100 days, and the representatives similarly signaled their intent to move quickly to get these bills passed.

Additionally, Scott noted that both bills will be bipartisan and specifically called out Kirsten Gillibrand as someone who will support them.

If either bill is going to move more quickly, the congressmen indicated that the stablecoin bill would likely be easier to move on.

Outside of discussion of this hypothetical legislation, the press conference had few specifics, but the “crypto czar” did respond to a question about the Strategic Bitcoin Reserve by stating that it will be evaluated by the president’s working group.