Cryptographic regulations must be promulgated by an act of Congress to become permanent and significant laws, according to the former member of the Wiley Nickel Congress.
In an exclusive video interview with Turner Wright from Cointelegraph, Nickel has urged Bipartite collaboration to bring complete regulations of cryptography. The former member of the Congress added:
“I think it is really important for anyone who cares about this question of taking a step back and realizing that if you want a hard change in Washington, you have to move the legislation by the congress. Otherwise, if you talk about decrees, it will just come and go.”
“You don’t want to have the disorder we saw a few months ago with the dry of Gary Gensler – you need to obtain legislation by the congress,” said Nickel.
The Executive Decree of January 23 of President Trump establishing the working group on digital assets, which also prohibited the development of a digital currency from the Central Bank (CBDC), and the order establishing a Bitcoin Strategic Reserve alongside a separate crypto stock, were both examples of executive actions which can be restored on a later date.
The former member of the Wiley Nickel Congress is represented in second position from the left to Digital Asset Summit blockworks. Source: Cointelegraph
In relation: The Congress on the right track for Stablecoin, Bills of the market structure in August: Blockchain Association
The two chambers of the congress rush to cross significant legislation
Representative Tom Emmer, the majority whip of the House of Representatives of the United States, reintroduced the legislation prohibiting a CBDC in the United States on March 6.
The Wyoming senator Cynthia Lummis also reintroduced Bitcoin law in March, which is based on a previous bill of the same title, but allows the United States to buy more than a million bitcoin (BTC).
Act of the Bitcoin of the Lummis senator from 2025. Source: Senator Cynthia Lummis
Representative byron Donalds recently announced that he would write legislation to codify the Bitcoin Strategic Reserve in law – protecting the initial decree of President Trump, the decree of the Presidency by a future administration.
On March 12, the House of Representatives repealed the IRS broker’s rule requiring decentralized financing platforms to report information to the internal returned service during a 292-131 vote.
Speaking during the Digital Asset Summit Blockworks of this year, the Democratic representative Ro Khanna said that Congress should be able to bring complete regulation of cryptography in 2025, including a bill on stabrisons and a bill on market structure.
Review: The U-turn of the dry on the crypto leaves key questions unanswered
