Crypto Legislation Hearing Likely To Spark Partisan Clash In Congress, Here’s Why

The ongoing crypto legislation hearing at the United States House of Representatives might eventually take a new twist. According to a scoop from Fox Business Journalist Eleanor Terrett, Democratic leaders’ political bias toward crypto might become visible during the hearing.

Crypto Legislation To Uncover True Support

According to Terrett, a memo circulated in Congress shows how Democrats largely consider crypto a partisan innovation. She went on to share examples to buttress her point, using the bipartisan crypto legislation FIT 21 and the proposed rollback of SAB 121 accounting rules.

Notably, the FIT 21 crypto legislation is one that will help classify digital assets in the country. Besides, it will handout an important template into registration requirements for companies, consumer protection and the update of existing commodities and securities laws.

The SAB 121 is a rule that was targeted at reporting guidelines for firms looking to enter crypto. Many considers the rollback of this guidelines with its stringent provisions a major win for the industry. However, according to Terrett, Democrat leaders believes this moves are “particularly harmful pieces of legislation” and the work of “extreme MAGA Republicans.”

Over the past four years, the crypto ecosystem have decried the unending regulatory crackdown on key players in the industry. Despite the call for transparent crypto legislation, many believe the Democratic government of Joe Biden has done more harm than good.

The industry also appears to be facing some forms of neglect from the Kamala Harris Campaign organization. In an election year that crypto proponents believes a major change will come, Kamala Harris omitted crypto in her policy paper. This remain a concern for many in the broader financial ecosystem.

The Hope Ahead

Irrespective of the neglect from the Vice President and her team, top donors like Chris Larsen believe she might drive the needed change.

To many, President Donald Trump remain the only hope for the industry per the trends of their campaigns thus far. The former President have named a pro-crypto transition committee and has plans to stockpile Bitcoin reserves.

Some in the industry believe this is an attempt to entice voters, the consistency in his reference to Bitcoin marks a convincing sway for many.