Crypto Bill Fights for Survival in Congress

The United States (US) is long overdue for its role in the crypto economy, and most of Congress knows this. Hence, the proposal and passing of the first-ever cryptocurrency bill in the country with a strong push to turn it into law in 2024.

However, it has been experiencing challenges in being fully realised. In the worst-case scenario, the bill must wait until 2025. According to a report from Coindesk on 1st September 2024, they believe the bill passing this year appears slim, given the limits of remaining days in the legislative calendar.

What is the cryptocurrency bill?

The cryptocurrency bill is the proposal to classify cryptocurrencies as commodities rather than securities. If passed into law, virtual assets like Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) will be under the Commodity Futures Trading Commission (CFTC). It will therefore be outside of the Securities and Exchange Commission's (SEC) responsibilities.

Why does the cryptocurrency bill matter?

If this is approved, then the adoption of cryptocurrencies will be much easier for US investors. It will see more applications like exchange trading and online betting in platforms such as Stake Casino, which were formerly prohibited when it was still regulated by the SEC. Giving the CFTC the power to oversee this asset will make it much easier for US investors to enter the crypto market.

Why is it important for the crypto bill to pass in 2024?

The goal of the Crypto4Harris movement is to have currently seated President Joe Biden pass the crypto bill into law. This is crucial because he has already shown strong favour of the proposal. It’s his signature that the Congress is chasing this year before a new president is elected and inaugurated in January 2024.

To be clear, President Biden isn’t the only one interested in the cryptocurrency bill. His successor, 2025 presidential candidate and current vice president Kamala Harris also campaigns for the bill’s approval.

Former president and 2025 presidential candidate Donald Trump, meanwhile, had a strong stance against cryptocurrency in 2021. He has long since changed his opinion to support it but his intention to pass the cryptocurrency bill into law is not as concrete as Harris’ party.

On top of that, US investors also wish to join the crypto economy as soon as possible. Delaying this decision for 2025 can mean missing out on marginal gains in Bitcoin’s rapidly growing market.

What are the challenges the crypto bill is facing?

The bill’s biggest hurdle is the limited time remaining in the US legislative calendar. Most of the Congress will be busy with the election in November 2024 although the bill is currently marked for ‘must-approve’.

Even if approved in 2024, it might still carry over to 2025 before it’s fully enforced because the legislators still need to add provisions and amendments. To clarify, there is no longer any resistance stopping the US Congress from approving the bill. It’s only a matter of how soon it will be approved given the common delays in bureaucracy.

The bill has all the support it needs to become law and US investors are joining its ecosystem soon. You may trade them, use them as a mode of payment, or enjoy ステークカジノ VIP status as a benefactor to crypto adoption booming. It will be a new era for the crypto world and another huge step towards global adoption.

What does this mean for global crypto adoption?

The passing of the cryptocurrency bill in the US is not just important for American investors but also for the global crypto economy. As one of the world's largest financial markets, US regulations tend to set the tone for other countries. If the US adopts a pro-crypto regulatory framework, it could influence other nations to follow suit, accelerating global adoption of digital currencies. This could lead to greater acceptance of cryptocurrencies as legitimate financial instruments, increasing their use in international trade and everyday transactions.

Moreover, a clear regulatory environment in the US could encourage innovation in the crypto space. Developers and entrepreneurs would have more confidence in building blockchain-based solutions, knowing they have the legal clarity to operate. This could lead to a wave of new crypto products and services, further embedding cryptocurrencies into the global economy.

What could happen if the bill is delayed?

If the cryptocurrency bill is delayed until 2025, it could slow down the momentum for crypto adoption in the US and beyond. Investors and businesses may hesitate to fully commit to the crypto space without clear regulations in place. Furthermore, the uncertainty could lead to increased volatility in the crypto markets, as participants wait to see how the regulatory environment will evolve.

Delays could also give competing nations the opportunity to lead the way in establishing crypto-friendly regulations, potentially shifting innovation and investment away from the US. Countries like the UK, Singapore, and Switzerland have already taken steps to create more welcoming environments for digital currencies, and they could benefit from any delay in the US legislative process.

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