Blockchain Association calls for bipartisan crypto rules after Democrats projected to win Congress
Democrats projected to take control, says opinion piece
Democrats are projected to control both chambers of Congress, according to an opinion piece by Lindsay Fraser of Blockchain Association.
Fraser writes that the next Congress faces unfinished work on digital asset rules. She says the goal should be clear and lasting rules that protect consumers and allow innovation in the United States to continue.
Blockchain Association says it represents more than 100 U.S.-based crypto organizations. The group says it will keep working with both parties.
Main requests from Blockchain Association
- Pass market structure legislation that clarifies the roles of the SEC and CFTC.
- Set workable rules for issuing and trading digital assets, including CFTC oversight of digital commodity spot markets.
- Protect open-source developers who do not hold or control customer funds.
- Create workable tax rules, including relief from burdensome reporting for small, everyday transactions.
- Treat staking rewards like other newly created property, with tax when the rewards are sold or otherwise disposed of.
What has already passed
Fraser cites the GENIUS Act, which became law, as an example of bipartisan cooperation. She also cites the CLARITY Act, which passed the House with support from 216 Republicans and 78 Democrats.
The Senate did not advance market structure legislation in September, according to the piece. Fraser says that left important work unfinished.
Public use of crypto cited in the piece
The piece says millions of Americans already use digital assets. Stablecoins are digital dollars designed to hold a steady value, and the piece says they can make sending money across borders faster and more affordable.
A new Ipsos survey cited in the piece found 22% of Americans had owned or used crypto. That included 24% of Republicans and 21% of Democrats.
Fraser argues consumers need protection against fraud and misconduct, along with clear rules for businesses that serve them.
Work continuing outside Congress
Treasury and federal banking regulators are putting the GENIUS Act into practice, according to the piece. The SEC and CFTC are also advancing initiatives that will shape digital asset regulation.
What happens next
Fraser writes that Democrats will take the gavel in January. She says delivering lasting clarity will require cooperation across party lines, given a Republican administration and Senate hurdles described in the piece.
Blockchain Association says it will continue working with lawmakers in both parties and engaging with federal regulators.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.