Policymakers Discuss Crypto Legislation at SALT Conference in Wyoming
During the SALT Wyoming conference in Jackson Hole, policymakers discussed the future of cryptocurrency regulation. Key points included:
- Senate Banking Committee Chair Tim Scott anticipates 12 to 18 Democrats may support market structure legislation.
- Senator Cynthia Lummis expects the market structure bill to reach the President's desk by Thanksgiving.
- Franklin Templeton CEO Jenny Johnson highlighted the potential for enhanced transparency in public equity transactions.
- Federal Reserve Vice Chair Michelle Bowman emphasized the need for a strategic regulatory framework for emerging technologies.
- Fed Governor Chris Waller reassured that smart contracts and distributed ledgers pose no significant risks.
- Rep. Angie Craig expressed concerns about a sitting president participating in crypto markets unless assets are in a sealed trust.
The U.S. Treasury Department has initiated work on GENIUS, focusing on detecting illicit activities in crypto, with a public comment period of two months. Additionally, a new crypto group aims to educate lawmakers on cryptocurrency.
The Winklevoss twins donated $21 million in bitcoin to support Republican congressional efforts. Congress remains on break this week, with no regulatory events scheduled.