A bipartisan Digital Asset Subcommittee has held its first meeting to accelerate cryptocurrency legislation in the US. However, discussions on BTC strategic stockpiling have not progressed, raising concerns that the relevant bill has lost momentum.
According to Decrypt on the 27th, the Digital Asset Subcommittee of the US Senate Banking Committee held its first meeting on the 26th (local time) to discuss pro-cryptocurrency bills. The Digital Asset Subcommittee was formed last month with four senators from each party to aim for the passage of pro-cryptocurrency bills. The chair is Republican Senator Cynthia Lummis.
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The meeting reportedly focused mainly on stablecoin-related bills. Discussions on former President Donald Trump's campaign promise of strategic BTC stockpiling were almost non-existent. This has led to suggestions that the push for BTC strategic stockpiling in the US Congress has lost momentum. Three state-level BTC stockpiling bills have also all failed to pass recently.
The target timeline for passing a cryptocurrency regulatory framework bill has also been pushed back by several months. Senator Lummis said "Many senators are still struggling to understand what BTC, cryptocurrencies, and stablecoins are" and expressed hope that a bill could be prepared and signed by the president by the end of this year.
These moves by the US Congress indicate a retreat from the pro-cryptocurrency campaign promises made by former President Trump. David Sachs, the 'cryptocurrency czar' appointed by Trump earlier this month, had declared that a pro-cryptocurrency bill would be passed within the first 100 days of Trump's second term. However, the slow pace of cryptocurrency bill discussions shown by the senators at the Digital Asset Subcommittee meeting has dampened expectations of '100-day legislation'.
As market expectations have waned, BTC, which hit an all-time high ahead of Trump's inauguration, has also seen a downward trend. As of 1:07 pm on the 27th, based on CoinMarketCap, BTC is trading at $85,214.51, down 22% from last month's high.
- Reporter Kim Jeong-woo
- woo@decenter.kr
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