Congress Advances Pro-Crypto Stance With IRS Rule Repeal and Stablecoin Bills
Bipartisan support for crypto legislation signals a shift in U.S. regulatory dynamics, with stablecoin oversight and market structure rules gaining traction.
- The U.S. Congress repealed an IRS rule targeting DeFi projects, with significant bipartisan backing from both Democrats and Republicans.
- Crypto lobbyists see growing political support, bolstered by industry-funded PACs like Fairshake, which spent heavily in the 2024 election cycle to elect pro-crypto lawmakers.
- Legislation on stablecoins, including the GENIUS Act and STABLE Act, aims to establish clear reserve, auditing, and licensing standards to ensure financial stability and consumer protection.
- Stablecoins are positioned as a tool to modernize U.S. financial infrastructure, reinforce the dollar’s global dominance, and improve transaction efficiency and accessibility.
- Critics, including Senator Elizabeth Warren, warn of potential risks, but proponents argue that balanced regulation will foster innovation while addressing concerns about misuse.