The Ultimate Guide to Crypto Regulation in the US and Pro-Crypto Politicians in 2023

The Ultimate Guide to. Crypto Regulation.
In the U.S. And also pro crypto politicians. In 2023. Let's get started. So after the countless
blow ups, scams and rug pulls of. 2022. 2023 will be the year of. Crypto. Regulation. In the. U.S.. This video puts together
the ultimate guide that. Covers the most important pro crypto
and anti crypto. Politicians in the U.S.. An overview of the. Most important crypto bills Congress
will. Pass soon. An analysis of the White House.
Stances. On crypto. And also there's a lot of info
in this guide, so. Here's a TLDR in advance. There is support for crypto from both. Parties, but the most. Vocal supporters are Republicans. No fewer than five different. Crypto bills are currently in Congress. Addressing everything from taxation. Over. Stablecoins to DeFi. Joe Biden's executive Order
kicked off a flurry of reports. But most of them actually contain
only vague. Recommendations. The report. On the effects of crypto
mining that drew criticism from the. Bitcoin community. So who are the top crypto and anti crypto. Politicians in the US? Crypto has become a topic
that moves the needle. For American. Politicians. The industry is now big enough
to influence the outcome. Of elections. And in some counties and states being pro.

Crypto matters. The Crypto Action Network, a pro crypto. Lobby group, has. A scorecard rating Congress
members on their crypto stance. Here are. A few of the biggest names
in their positions. On crypto. So the first one for Pro crypto. Ron DeSantis. Florida is probably the most. Pro crypto. State in the US. Rivaled only by Texas
and it's not a surprise That the potential Republican nominee in. 2024 Ron DeSantis. Commented
favorably. On crypto, and earlier. This year he said state agencies would
look into how businesses could pay taxes. In Bitcoin in Florida. And there has. Been no updates on that and DeSantis
has not made any other explicitly. Pro crypto. Comments. But Florida, as a whole
is definitely on team crypto. Next up, Francis Suarez. Miami Mayor Francis. Suarez is the face of Florida's push. To lure the industry to the. State. And he also said that he is bullish on
web3, which is not surprising considering How many crypto in Bitcoin conferences
Miami hosts. The city also launched its own
Miami coin MIA. MIA has seen better days. The Miami Heat used to play in the. FTX arena, and Francis Suarez said that. He considers himself
somewhat of a crypto. Evangelist. And that he likes Bitcoin
because it disrupts. Socialist regimes.

And he famously also takes his salary
in bitcoin. Suarez is sticking by his crypto
guns even in the bear market. He called. Miami Coin a big success,
even though the coin is down. Bad. And the next one is Ted Cruz. Texas Senator Ted. Cruz is another outspoken. Bitcoin. Proponent who clearly recognized
how supporting Bitcoin. Can be used for political gains. He said he likes Bitcoin because
it's decentralized, which is also why. The left hates it. According to Cruz. He also has come out
as a proponent of mining. Bitcoin. With flare gas. Cruz also wants Texas to become a crypto
oasis And supports a bill against CBD
sea use for retail. Next up, Cynthia Lummis, Wyoming
Senator Cynthia Lummis Is another well-known crypto advocate
leading a pro crypto state. She sponsors the Responsible
Financial Innovation Act, Also known as the Lummis-Gillibrand bill. It addresses Stablecoin
regulation of banking, the tax Treatment of digital assets
only interagency coordination in. Purposes of crypto to be regulated. As commodities. Loomis said crypto needs. Clear
rules, and. She was praised. By industry figures
for her sensible approach. And a politician that Can be trusted
to get regulation right. Eric Adams. New York City Mayor Eric. Adams has a bit of a friendly rival with. Francis Suarez. As the two mayors. Battle. Out
who the. Bigger crypto. Advocate. Is, Adams said
that he wants to make New York the crypto.

Capital of. The US and he also wants to add. Crypto. To the. School curriculum. And Adams has also taken
some paychecks in Bitcoin. And next up is Patrick. McHenry, Massari named North Carolina. Republican Patrick McHenry as. Someone with an outsized influence. On crypto policy. He is also set to lead the. House Financial Services. Committee and has. Already promoted. And. Sponsored bills in. Proposals
establishing clear rules on stablecoins. And token disclosures. Massari sees him
as one of the key figures to. Watch in 20. 23. The Congressional Blockchain
Caucus is a bipartisan. Group. Serving as a. Platform for industry and. Government to study and understand.
Blockchain technology. One of its members, House Majority. Whip elect Tom Emmer, has been
another outspoken advocate of crypto. He demanded an explanation
from the FCC for the. Tornado cash sanctions. And also slammed the SEC for its industry
sweeps against. Crypto. He also urged the. Environment Protection Agency
to consider the benefits of crypto mining, And he also favors. A bipartisan approach. To promoting cryptocurrency innovation and
the Anti Crypto list with the first one. Gary Gensler, the SEC chairman, is. Crypto's
favorite. Villain, a dubious honor that. He won't get rid of anytime soon. Considering his role in the.

FTX bankruptcy. Gensler famously feuded even. After the merger. Saying that it could actually be
a. Security now. Bitcoin is the only cryptocurrency
that Gensler acknowledges As a commodity,
although he is reportedly open to sharing. Regulatory.
Responsibilities with the CFTC. Next up is Neel Kashkari. Neel Kashkari is not a Congress member,
but the. Head of the Minneapolis. Federal Reserve. He still made the list
because of his interesting. Stance on crypto and CBDCs
Kashkari considers crypto. To be nonsense
and not useful. For payments. But at the same time,
he doesn't support CBDCs. Next up, Elizabeth Warren. Elizabeth Warren is another. Proud crypto hater that. Has not missed an opportunity
to throw shade at the. Sector. She wants cryptocurrencies to be regulated
as securities. Called them toxic
and also magic beans and maintains that. Crypto will. Ruin the economy. But she's. Also responsible
for an all time great. Crypto. Meme, the shadowy super. Coder responsible for endangering. This ability of the American
financial system. What are the most. Important crypto regulation. Bills? All right, so here's where things get
a little bit complicated. No fewer than six. Different bills
are floating around the Virtual Currency. Tax Fairness Act, The Stablecoin Transparency Act,
the Digital Commodity Exchange Act, the. Responsible.

Financial Innovation Act, the Digital. Commodities Consumer Protection Act. And the Digital Asset Anti-Money.
Laundering Act. So 2023, as the year. Of crypto
regulation. Was not a joke. So let's go through. Them from simple
to complex. The Virtual Currency
Tax Fairness Act, the Virtual Currency. Tax Fairness Act, aims to provide. A clearer framework
for the taxation of crypto. It would exempt gains of up to $200. So in other words, it would make small. Transactions tax free. The bill is currently being. Considered by the Senate Committee
on Banking, Housing. And Urban Affairs. So the prognosis is not.
Passing anytime soon. Next up, the Stablecoin Transparency Act. So the Stablecoin Transparency Act would,
according to Coindesk address issues Such as how stablecoin. Issuers. Can tap banking. Services, what the reserves. Must look like,
whether they. Can engage in fractional. Reserves, what sort of. Licensing stablecoin. Issuers need. What kind of. Consumer protections. Must be baked in. However, it is still stuck in the same. Senate Committee on Banking,
Housing and Urban. Affairs, Purgatory. As the tax bill. So the prognosis is not passing anytime. Soon, but still more likely to pass than. Tax free crypto taxation. Next up, the Digital Commodity
Exchange Act.

So the Digital Commodity Exchange Act. Would regulate cryptocurrency
developers, dealers. Exchanges and stablecoin. Providers, and. Also give the CFTC the. Authority to determine rules
for cryptocurrency developers and. Exchanges. Offering spot trading. However, it was introduced
in April 2022 and hasn't moved since, So the prognosis is keep waiting. Next up,
the responsible. Financial innovation Act. The Responsible
Financial Innovation Act aims to. Clarify regulatory responsibilities. Between the SEC And the CFTC. It establishes the concept of. Ancillary assets. Which are tokens that are not. Securities. But still fall. Under the jurisdiction. Of the CFTC. Unless they can be shown to be.
Securities. So the Act also suggests
that ancillary assets That are not sufficiently decentralized
will need to file twice. Yearly disclosures to. The SEC. And also this bill has
at least had several hearings And also may have a better. Chance
of being passed. Especially after what happened with FTX. So the prognosis, while it could happen,
hang in there. And next up,
we have the digital commodities, consumer. Protection. Act is the big one
and the one with. The most scandals attached to it. It was. Famously supported. By Sam. Bankman-fried, which earned him a. Lot of flack on. Crypto. Twitter.
But as we know now. Everything was much. Worse
than it appeared. The DCCPA would give the CFTC. Authority to regulate.

Crypto. Assets that are considered. Commodities, such as Bitcoin and Ethereum. But it would not clarify
whether new tokens should be classified As a commodity. Or a security. The crypto industry
also criticized support for this. Bill because it would inhibit DeFi. Innovation by making DeFi platforms hold. Customer. Property, designate. Compliance. Officers and also grant platforms,
emergency powers. To intervene in trading. None of that would be possible
for DeFi platforms And also why SBF supported
the bill is a secret. That may or may not see the light of day. However, considering how events unfolded,
the bill is still stuck In its introduction. Phase
would most likely be considered in one. Way or another. So the. Prognosis is something will. Happen in 2023 yet to be seen. Next up, the Digital. Asset Anti-Money.
Laundering Act. The latest edition is Elizabeth Warren's
bill that would introduce KYC rules To wallet providers And prohibit financial institutions
from interacting with coin mixers. The bill is so recent that it's
not even on the website of Congress yet. Therefore,
a prognosis is impossible at this point. Overall, regulators. In the US have faced a public anger
following the. Collapse of FTX. Experts
are calling for a better coordination Between regulatory bodies,
and there are. Questions. Over the. Credibility of. U.S. regulators. The crypto regulation.

Can has been kicked down the road
one too many times, But now something will have to happen. In 20 23. And that's going to be interesting to see. So what does the White
House think about crypto? In March
of 2022, Joe Biden released an executive. Order
to establish the first ever comprehensive. Federal digital Asset Strategy
for the United States. He ordered several. Departments to write research reports to. Get the White House up
to speed on the latest in the. Crypto industry. The executive order. Outlined six key. Priorities consumer and. Investor
protection, promotion of financial. Stability, countering
illicit finance, leadership in the global Financial system, financial inclusion,
responsible innovation. Nine reports have been. Released since, with one
addressing the relationship. Between the Fed any possible CBDC
and one about Regulatory gaps. Still to come. And most.
Of the reports are. Fairly vague, indicating
the administration is still mapping The crypto landscape
and trying to understand what's what. But we do have a few indicators of what
the next steps will be based on a fact. Sheet released by. The White House. The White House on protecting consumers. Investors and businesses.
Regulators should. Aggressively pursue. Investigations. And enforcement. Actions against. Unlawful practices in lead
digital asset space. Monitor consumer complaints. And to enforce against unfair, deceptive. Or abusive practices.

Collaborate
and share data on consumer complaints. Lead public. Awareness efforts
to help consumers understand the risk. Involved with digital assets. Nothing really tangible. Overall, the White House on promoting. Access to safe, affordable financial. Services encourage the development. And use of innovative technologies
by payment providers And instant payment systems
for. Their own transactions. Create a federal framework to regulate. Non-bank payment. Providers. Align global payments,
practices, regulations. And supervision
protocols. While exploring new. Multilateral platforms. Research to ensure. That digital asset ecosystems are designed
to be usable, inclusive. Equitable and also accessible. Again, a lot of recommendations,
but nothing immediately actionable. The White House on advancing responsible
innovation develop a digital. Assets, research and. Development agenda, provide
innovative U.S. Firms developing new financials,
technologies and. Regulatory guidance. Best practices,
sharing and technical assistance, track Digital assets, environmental impacts,
developing performance. Standards as appropriate,
and providing local authorities. With the tools, resources and expertise. Establish a standard forum to convene
federal agencies, industry, academics, And civil. Society to exchange knowledge and ideas. For many of these points
that government agencies may want to. Follow industry leads.

Not vice versa. The White House on Reinforcing global. Financial leadership and competitiveness. Leverage U.S. Positions in. International organizations. To message U.S.. Values related to digital assets. Increase collaboration
with and assistance to. Partner. Agencies to. Foreign countries. Explore further technical assistance
to developing countries. Building out digital asset. Infrastructure and services. Help cutting edge U.S. Financial technology and digital asset
firms find a foothold in. Global markets for the products. This is one of the most interesting
sections. The report implies. That the U.S. Will use its power
to existing institutions to. Push crypto. And U.S.. Crypto firms
where it suits and national interests. Next up. The White House on fighting.
Illicit finance. Congress might amend the Bank Secrecy Act
or BSA and laws Against unlicensed money transmitting
to apply explicitly to digital assets. Services providers
and raise the penalties for unlicensed. Money transmitting continue. To. Monitor. The development of digital. Assets sector and. Also its associate added illicit
financial. Risks. The Treasury. Will complete
an illicit finance. Risk. Assessment on decentralized finance. The Treasury will enhance a dialog with. The private. Sector.
Some more interesting statements here.

DeFi will get scrutinized
and the government plans to put the. Screws on AML even. More. The White House on exploring a CBDC See the administration has developed
a policy objectives. For a U.S. CBDC system. An interagency working group, to consider. The potential implications of a U.S. CBDC to leverage across governmental. Technical. Expertise. And also. Share information with partners. In other words, the White. House is. Looking into CBDCs and How it could be
useful but hasn't made a final. Call yet. Coinmetrics Co-Founder and Bitcoiner,
Nick Carter. Published an extensive essay criticizing
the White. House report. On crypto mining. He called the. Overall effort
of the report. Weak and effectively a. Literature review that. Was put together
from mostly anti proof. Of work sources. His main. Criticisms were the report
presents virtually. No new data. It ignores contributions of industry. Subject matter experts. It relies on partizan sources, but. Calls for caution. On data. So hypocrites it takes a moralistic stance
against the mining and applies Unnecessarily. High standard miners shall meet. Its recommendations are useless
and counterproductive. Carter did praise the report in. That it acknowledges the possibility of
mining with stranded energy and bitcoin's. Contributions to greater flexibility.

Overall, though, it does a better job of. Assessing the mining industry. So far, the jury is. Still out on whether crypto
regulation in the US will be sensible. There is a lot of interest
and also demand for it. So 2023 should be the biggest. Year for crypto regulation. Yet. So it's time to hold.
Public representatives. Accountable and also push for sensible. Regulation. Anyways, guys.
That's all we have for this video. We'll see in the next one.

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