The bill, known as the Digital Assets Authorization Act, was passed by a 176-26 vote.
The legislation offers regulatory clarity at a time when federal regulations on digital assets are scant. While former president Donald Trump has promised to transform the United States into the “crypto capital of the planet,” his vision is short on details.
Looks like it mainly:
- Makes it explicitly legal to use, accept, and self-custody cryptocurrencies, and to run nodes
- Prohibits municipalities from passing laws against the above
- Prohibits extra taxes on cryptocurrency transactions that wouldn’t apply to USD
Here’s the bill text. It still needs to pass the senate.
That sounds… surprisingly reasonable. Almost hard to believe.
Although more regulatory clarity means more corporations pumping and dumping, and more bank-like custodial account providers. I’d prefer more slow-paced organic grow in adoption.
I think that’s inevitable at the stage that we’re at. Enough organic growth will lead to institutional interest, and those institutions will push for regulatory clarity. If we had an environment of institutional and regulatory hostility, that would effectively put a cap on how much organic growth can happen.
