Executive Orders are Not a Permanence
Former congressman Wiley Nickel has reinforced the need for Congress to endorse lasting cryptocurrency regulations, warning that executive orders are easily reversed by future administrations.
Turner Wright in an interview, Nickel stated, “If you want change that lasts in Washington, you must push legislation through Congress. Otherwise, if you’re talking about executive orders, it will be back and forth.”
He cited the regulatory turmoil during SEC Chairman Gary Gensler, putting emphasis on the importance of legislative precision above shifting executive policies.
Congressional Action on Crypto Regulation Gains Momentum
The two chambers of Congress are all hands on deck with the introduction of particular crypto legislations.
House Majority Whip Tom Emmer reposted a bill on March 6 that prohibits central bank digital currencies (CBDCs) in America. Similarly, Wyoming Senator Cynthia Lummis reposted the Bitcoin Act for the U.S. government to acquire over 1 million Bitcoin.
Rep. Byron Donalds also announced that they plan to pass legislation codifying the Bitcoin reserve strategy into law so that successive administrations will be unable to revoke Trump’s executive order establishing a Bitcoin stockpile.
Significant Legislative Actions
The House approved 292-131 on March 12 undoing the IRS broker rule that forced decentralized finance (DeFi) platforms to report user information to the Internal Revenue Service.
Addressing the Blockworks Digital Asset Summit, Rep. Ro Khanna was hopeful that Congress would enact comprehensive crypto legislation in 2025, such as a stablecoin bill and a market structure bill.
With bipartisan momentum building, lawmakers are calling for long-term regulatory clarity for the stability of the U.S. crypto market.
