Crypto Regulation Battle: Wiley Nickel Pushes for Congressional Crypto Reform
According to former Congressman Wiley Nickel, crypto rules cannot become permanent and significant pieces of legislation until they are passed by an act of Congress. To advance comprehensive crypto rules, Nickel called for bipartisan cooperation in an exclusive video conversation with Turner Wright of Cointelegraph.
I think it’s really important for anybody who cares about this issue to step back and realize that if you want lasting change in Washington, you must move legislation through Congress. Otherwise, if you’re talking about executive orders, it will just go back and forth. You don’t want to have the mess that we saw just months ago with Gary Gensler’s SEC — you need to get legislation through Congress,
Nickel
CBDC Ban & Bitcoin Reserve: Trump’s Crypto Orders Face Congressional Action
In his executive order dated January 23, President Trump banned the creation of a central bank digital currency (CBDC) and established a Working Group on Digital Assets. His decree also established a separate cryptocurrency stockpile and a strategic reserve for Bitcoin, but these executive moves might be undone at any time. On March 6, Representative Tom Emmer, the majority whip in the US House of Representatives, reintroduced legislation that would have prohibited a CBDC in the US.
In March, Senator Cynthia Lummis of Wyoming also proposed the Bitcoin Act, which expands on a previous bill of the same name but permits the US to buy more than one million Bitcoin. In an effort to prevent a future administration from rescinding President Trump’s initial executive order, Representative Byron Donalds recently declared that he will propose legislation to incorporate the Bitcoin strategic reserve into law.
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