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The Week In Crypto Policy: House & Senate Pass Crypto Bills

May 17, 2024 ⋅  8 min read

The Senate passed a resolution to repeal SEC Staff Accounting Bulletin 121 with the support of 48 Republicans and 12 Democrats - including Senate Majority Leader Chuck Schumer. Now, the repeal heads to President Biden, who has stated he plans to veto the measure, though it's possible he reconsiders. In the House, Representatives passed three bipartisan bills with pro-blockchain provisions, including legislation to promote blockchain-based applications in commerce, reduce fraud, and improve supply chain resiliency. The bipartisan push on crypto policy is expected to continue next week, when the House takes up FIT 21 - a comprehensive crypto market structure bill.

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George Leonardo is the founder of Cap Hill Crypto, a solo-entrepreneur venture focused on providing nonpartisan insights and analysis on U.S. federal crypto policy. Previously, he worked on Capitol Hill for Senator John Cornyn and as a litigation associate at Milbank LLP.

About the author

George Leonardo is the founder of Cap Hill Crypto, a solo-entrepreneur venture focused on providing nonpartisan insights and analysis on U.S. federal crypto policy. Previously, he worked on Capitol Hill for Senator John Cornyn and as a litigation associate at Milbank LLP.