As a seasoned researcher who has navigated the complexities of law and technology for years, I can confidently say that while presidential elections may grab headlines, it is Congress that holds the reins when it comes to shaping the future of digital assets in the United States.
As the 2024 presidential election nears, cryptocurrency has become a prominent topic, garnering attention in the campaign trail towards the White House. Notably, contenders such as Vice President Kamala Harris and ex-President Donald Trump have expressed favorable views on the digital asset sector.
Yet, legal specialists argue that it’s actually Congress, rather than the U.S. President, who holds the power to shape the future of digital assets within the United States.
Focus On Congressional Action As The Key
According to a recent study conducted by Professor Tonya Evans of Penn State Dickinson Law, it appears that Vice President Kamala Harris has shifted her stance on cryptocurrencies, departing from President Biden’s earlier adversarial position. This change seems to be influenced largely by the Securities and Exchange Commission (SEC) and other regulatory bodies.
According to Bitcoinist, Harris is focusing on a pro-progress storyline, highlighting the importance of blockchain technology and digital currencies in her plan for an “Empowerment Economy,” which aims to boost the economic power of average families and small companies.
Conversely, Trump has generated attention with his vows to turn the United States into a global leader in cryptocurrency and his intention to dismiss SEC Chairman Gary Gensler from his post on his inauguration day.
Even though the President’s proposals about cryptocurrency seem appealing, Evans thinks that the President has only a limited capacity to bring about substantial changes in the world of cryptocurrencies.
Evans points out that it is actually the Congress, serving as the lawmaking body of our government, that holds the true authority to establish and modify the legal structure for digital assets. Unlike the President, who doesn’t have the power to independently enact laws or adjust regulations under Article II of the Constitution.
Rather than creating or proposing new laws, the main duty of the President lies in enforcing the laws passed by Congress and supervising regulatory bodies such as the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Evans goes on to clarify that for lasting advancement in the digital asset sector, Congress needs to enact significant legislation. However, she’s pointed out a common trend where people monitoring or supporting cryptocurrency tend to concentrate more on elections at the presidential level, disregarding Congress’s crucial part in shaping regulations.
Bipartisan Support For Crypto Grows In Congress
As a researcher, I’m excited to be part of the movement that’s driving change in our legislative landscape. Recently, I’ve been focusing on the passage of the Financial Innovation and Technology for the 21st Century Act (FIT21), an initiative that I believe will make a significant impact. This act includes key provisions from Rep. Tom Emmer’s Securities Clarity Act, which aims to bring clarity to financial innovation in the digital age. While there may have been perceived inactivity in congressional circles, this act is a clear step forward in fostering technological advancement and promoting financial security.
As a legal analyst, I’m advocating for a law that seeks to bring transparency in the digital asset sector by clearly defining an asset from a securities contract it might associate with. This distinction could be crucial in resolving potential disputes similar to the high-profile case between Ripple, a blockchain payments company, and the SEC.
Moreover, there’s growing acceptance for crypto advancements in Congress. Even skeptics like Representative Maxine Waters (D-CA) – who were previously critical of cryptocurrencies – are now acknowledging the significance of interacting with new technological developments.
During a recent community gathering, advocates for cryptocurrency pushed for Harris to take a more supportive position on digital currencies. Simultaneously, Senate Majority Leader Chuck Schumer (D-NY) showed enthusiasm about the prospect of passing a unified bill across party lines.
Additionally, data from StandWithCrypto.com reveals that more than 50 Democratic representatives, including notable figures such as Rep. Ro Khanna (D-CA), have expressed their support for pro-cryptocurrency legislation.
To keep the U.S. at the forefront of cryptocurrency usage, Evans recommends that lawmakers focus on creating policies that encourage advancement instead of just making minor adjustments to current rules.
Instead of the executive branch, a law professor pointed out that Congress holds the authority to craft bespoke laws addressing the unique requirements of the cryptocurrency sector. In summary, Evans emphasized that our attention should shift towards Congress, as this is where the true power resides at present.
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2024-10-04 19:42