The paper indicates that Senate Republicans are moving towards a more united approach to crypto regulation.
U.S. Senate Republicans’ policy arm issued a policy paper about crypto. This signal indicates that the GOP is moving toward a more unified approach in crypto regulation.
The Senate Republican Policy Committee (RPC) is headed by U.S. Senator Roy Blunt (R.MO). It works to formulate legislative policy goals for the party as well as providing research and analysis on various subjects.
The policy paper ” Cryptocurrency goes Mainstream” was published April 7. It explores both the “dark side” and “benefits” of cryptocurrency. The paper claims that crypto can “reduce transaction costs, speeds, and increase privacy”, but it also highlights crypto’s role as a “nefarious purpose” such ransomware attacks payments, frauds, and drug trafficking.
Although the paper contains no new information, it is notable for its ability to demonstrate a more coherent Republican policy on crypto. Although the Senate Republicans are generally more supportive than the Senate Democrats of crypto, their policy efforts have been limited.
Capitol Hill has faced many challenges due to the fact that different levels of crypto education are possible. Some lawmakers may be crypto-savvy but others, such as Senator Ted Cruz (R.Texas), could not explain what a cryptocurrency was.
The RPC’s paper is a sign these days may be over.
In his executive orders on crypto, President Joe Biden called for a whole of-government approach to crypto regulation. This is something that the RPC’s paper notes.
The report states that the EO had three objectives: protecting consumers, investors and businesses, ensuring privacy, financial stability, and guarding against illegal uses like money laundering and ransomware.
It adds that the order calls for the U.S. “to continue leading the development and promotion of affordable financial services”