Does the Democratic party have a unified crypto outlook? In 2021, Dems' stance has become more consolidated than ever.
that “Americans are increasingly making financial decisions using digital assets every day,” and affirmed that her Committee will explore “the promise of digital assets in providing faster payments, instantaneous settlements and lower transaction fees for remittances.”The good news is that underneath the redoubtable oratory, there is a keyword: regulation. It is clear, at this point, that a China-style total war on crypto isn’t an option in the U.S.
So far, the key product of the Working Group is a 26-page report on stablecoins, which advises Congress to designate some stablecoin-related activities — such as payment, clearing and settlement — as “systemically important” and limitAs in the pre-Biden era, the main problem lies with the core classification of digital assets.
However, in 2021, we haven’t witnessed any significant policy steps in this direction. Neither of the two major legislative proposals — Amy Klobuchar’s bill, which would bar big tech platforms from favoring their own products and services, and a bill by House Democrats that seeks to remove some protections afforded tech companies by Section 230 of the Communication Decency Act — has become law.
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