THE DAILY ENCRYPT

September 30, 2022

Paper Explaining The Benefits and Risks of Crypto Released By The GOP

The paper indicates that Senate Republicans are moving towards a more united approach to crypto regulation....
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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.

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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.

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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”

Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".
Elena Argyros

Elena Argyros

Elena is cryptocurrency writer / journalist based in Europe. She has extensive knowledge in the crypto space and is a solidity programmer by trade. Elena has built an extensive resume working with some of the most ground breaking blockchain firms. Being in Europe, Elena has amassed a large network of professionals in the space and states "The technology behind blockchain is going to impact everyone on earth in a good way, once you get to understand it".

© 2022 The Daily Encrypt. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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