Republican lawmaker: Two-party approach required for comprehensive Crypto legislation

Republican lawmaker: Two-party approach required for comprehensive Crypto legislation

The United States lawmakers showing diverse views on crypto legislation. A concrete policy on crypto legislation seems to come slowly as lawmakers, agencies, and other interested parties are bifurcated on a final decision. 

While everyone waits for the United States legislation on crypto management the split between the parties could delay it further. Recently, a member of the Senate Banking Committee and Republican Party, Thom Tillis, has informed that the legislation on crypto regulation is at a very nascent stage and the United States Congress is examining every thought. 

There are different views on crypto legislation and pleasing everyone is nearly impossible. According to senator Thom Tillis, the only possible way to develop comprehensive crypto legislation is “a Two-party approach” under which the outcome may not be a crowd-pleaser. It is not possible to come to a common ground without compromising some principles. 

After the collapse of FTX, one of the biggest crypto exchanges, the United States government faced constant pressure from stakeholders and other related institutions to come up with comprehensive crypto legislation. FTX owned by Bankman-Fried based in the Bahamas bankruptcy sent shockwaves throughout the crypto world. The exchange was not registered in the United States and running without regulations. This collapse forced the United States government to monitor this sector to prevent any future possibilities of collapse.

However, the member of the Banking Committee Thom Tillis assured that the legislation will address all safety concerns of stakeholders. The recent fallout of three major United States banks, the Silvergate bank, the Silicon Valley Bank, and the Signature bank has further added questions on the working of the United States Congress in crypto legislation. There are other bills like the stablecoin oversight bill that are still pending but no action has been taken on them.

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