- The Senate Republican Policy Committee (RPC), recently issued a policy paper on cryptocurrencies.
- The paper indicated that the Senate Republicans are inclined toward a more unified approach to regulating crypto assets.
- The paper also calls for a whole government approach towards crypto regulations which Biden’s EO also mentioned.
The U.S. Senate Republicans’ Policy arm has recently issued a policy paper on crypto which indicates that the GOP is seeking a more unified approach to regulating crypto.
Chaired by US Senate Roy Blunt, the Senate Republican Policy Committee (RPC), works towards legislative policy goals for the party and enables research and analysis on several subjects.
Cryptocurrency goes Mainstream was the title of the short policy paper that explored both the benefits as well as the dark sides of the asset class. On one hand, the paper mentions the potential of crypto is to reduce transaction costs and speeds and to increase privacy, on the other hand, it also highlights crypto’s role in illicit purposes like ransomware attack payments, speculation, drug trafficking, etc.
Although the officials have been contemplating a lot about the crypto assets lately and this paper does not contain anything new. But then, this paper signifies the more optimistic approach of Senate Republicans on crypto compared to the Senate Democrats.
And it seems like maybe some have skepticism on cryptocurrencies solely because they don’t have enough knowledge as to what exactly the asset class is. But it is indeed true that some lawmakers are entirely inclined toward cryptocurrencies and favor them.
The paper by RCP also notes something that Biden’s executive order also mentioned as he called for a whole government approach towards crypto regulations.
Ironically, where some countries like El Salvador which has accepted Bitcoin as a legal tender, the US is still skeptical and gives constant thoughts to the asset class. The year 2022 has brought several instances of US lawmakers commenting or releasing several papers, introducing bills, etc., and it is to look forward to what exactly the asset class, CBDCs, and stablecoins would witness in the future.
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Source: https://www.thecoinrepublic.com/2022/04/09/gop-policy-division-releases-paper-on-crypto-explores-pros-and-cons/