During an interview with Yahoo Finance, U.S-based Congressman Jim Himes has stated that the Congress of the United States is still not likely to approve the cryptocurrency legislation. Jim stated this when the US Treasury issued a proposal demanding all businesses to actively issue reports on all crypto-based transactions that are worth more than $10,000 to the IRS.
More time is needed
Jim said that their lawmakers have not fully understood cryptocurrencies and would like more time to make a thoughtful decision, so there is still a lot of discussions to be held regarding the regulation of cryptocurrencies. Jim revealed that congress had not given enough time to think about this certain legislation and his partners are not fully aware of all the crucial information regarding the digital assets, including the advantages and hazards. Discussions regarding the regulations, taxation are expected to continue for a few more years until all of the details about crypto are fully understood.
The field of Cryptocurrency has grown so much that it is hard to absorb all of the necessary information in a few weeks or months. There are so many things like case studies, market evaluation and other finance-related stuff that need more time to be looked at in order to fully understand how digital asset works, so that the proper regulations and policies can be made accordingly, ensuring market stability and consumer protection.
Growth of Crypto Interest in Congress
However, Jim did assure that his partners are definitely working on this matter. Congress has a Bitcoin Senator named Cynthia Lummis, who will be sharing the necessary information about Bitcoin’s advantages in hopes of receiving approval from the Treasury Secretary, Janet Yellen. Jim also shared the environment in the Congress regarding the study of cryptocurrency.
People in Congress have been asking questions about cryptocurrency. The questions are mostly focused on what benefits does the digital asset has and what problems will it deal with in the market? The people are seemed to be interested in the benefits rather than fully understanding what crypto actually is. Jim also assured that congress would not be considering any type of Ban on crypto.