Congressman And Senator Discuss Future Of US Digital Asset Policy

According to Cointelegraph, Congressman John Curtis and Utah Senator Mike Lee discussed the future of digital asset policy in the United States at Permissionless III. The conversation focused on the bipartisan efforts to repeal Staff Accounting Bulletin-121 (SAB-121), which restricts banks from custodying cryptocurrencies. Congressman Curtis emphasized the fragility of bipartisan cooperation on this issue, stating that if it becomes partisan, progress will be challenging. He urged industry professionals to educate lawmakers on the complexities of cryptocurrencies to alleviate their concerns. Senator Mike Lee highlighted three major threats to cryptocurrencies: the creation of a central bank digital currency (CBDC) by the Federal Reserve, overregulation by the federal government, and inconsistent state regulations. He described state-by-state regulation as “Death by 50 cuts” for the industry and stressed the need for new regulatory frameworks for digital assets. Lee argued that cryptocurrencies should not be classified as securities or commodities and suggested that capital gains on crypto transfers should not be taxed. He concluded by advocating for minimal government intervention to allow innovation in the crypto sector to flourish.