The US Congress is starting to question this whole crypto thing

Hundreds of thousands of investors have just scooped billions into their collective electronic pockets. Yet crypto remains the untouchable queen in the antiquated marble halls of the US Capitol.

Of course, a handful of lawmakers are waving or at least limply holding red flags following the implosion of cryptocurrency exchange FTX earlier this month. Even though hundreds of millions of dollars in happiness, pensions, and even basic health care have been wiped out in the blink of an eye, Congress is cool, calm, and collectively, well, dumb.

It’s not really a problem that I know well, says Bernie Sanders, the independent US senator from Vermont who plays a Democrat every four years.

I don’t really understand technology, says U.S. Senator Josh Hawley, a tech-savvy Republican from Missouri.

House Democratic leaders seem to be on the same (if archaic) page. Asked about plans to deal with the volatile world of cryptocurrencies after the collapse of FTX, US Representative Hakeem Jeffries (D-New York), the current House Democratic Caucus Chairman and (presumed) future leader of the House Democrats , be cautious. Well, I think that’s a question that I presume will be taken up by the Financial Services Committee, he said.

Speaking with lawmakers, it seems like Congress is still wrestling with the definition of what money is, even though most of us have moved way past representatives of nations and continue to ask when we’re going recover our digital money or otherwise. And despite the current crypto meltdown, according to Jeffries and many other powerful party leaders, there is still time to kill.

There’s a whole host of issues that I think we plan to work on, and I can imagine the situation with the cryptocurrency industry being one of them going forward, Jeffries adds.

According to U.S. Senator Cynthia Lummis (R-Wyoming), the rise of cryptocurrencies and the dangers that come with them have taken Congress by surprise.

I think a lot of congressmen assumed the digital asset industry might be on the back burner because it’s immature, Lummis says. Its growth is faster than people realize. And now, with Elon Musk announcing that he could use Twitter as a payment platform, I mean, this industry is much more mature than people realize. It’s time. It is time to regulate. It’s time to put buffets on it.

Lummis is not just a Republican. It is the state of Wyominga that aims to be the crypto capital of the United States. She was a founding member of the House Freedom Caucus. Like the caucus itself, it has shifted to MAGA in recent years, but its libertarian streaks remain pronounced and cryptos are the best thing since sliced ​​gold bars for the laissez-faire Lummises of the world.

As anti-regulation as Lummis is, she’s been out front in calling for binding regulations, even though that’s still considered a four-letter word in most Republican circles. She wants bumpers, at the very least.

There will always be companies trading digital assets that fail even after they are regulated, but at least they have consumer protections and reporting, and the most important thing is to separate customer assets from financial institution assets. , says Lummis. What happened with FTX is that they were lending client assets.

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