The policy arm of the Republicans in the U.S. Senate, bitcoin and cryptocurrencies released a policy paper on the issue, signaling that the Republican Party will take a more unified approach to crypto regulation.
“Republicans Can Now Act More Together on Cryptocurrencies”
The short policy document titled “Cryptocurrencies Going Mainstream” discussed both the pros and cons of crypto assets.
The report mentions the potential of cryptocurrencies to “reduce transaction fees, increase transaction speed and increase privacy,” while also mentioning that crypto assets are used for malicious purposes such as paying for ransomware attacks, scams, speculation, and drug trafficking.
While there is no new information in the document in question, the document itself is significant as it demonstrates a more cohesive policy position of the Republican wing on cryptoassets.
While Republican senators in the US Senate are more supportive of the crypto industry than Democrats, policy efforts have been infrequent.
Research has revealed that some senators do not know what cryptocurrencies are. With the latest development, there may be a change in this data from now on.
Biden’s Presidential Order Also Evaluated in the Report
Last month, US President Joe Biden issued a presidential order on cryptoassets, asking government agencies to work together on crypto regulation.
This presidential order was also mentioned in the report of the Republican Party:
“His presidential mandates include protecting customers, investors and businesses, ensuring their privacy, maintaining financial stability, and protecting against illegal uses such as money laundering and ransomware.
The order also called for the United States to maintain its leading position in promoting access to digital assets and affordable financial services.”
*Not investment advice.