New draft resolution aims to make crypto deregulation part of the Republican platform for next Congress

On February 22, Rep. Madison Cawthorn (R-NC) introduced a resolution before the House of Representatives, which he has called his “New Contract with America.”

The resolution centers on the goal of “Recognizing the duty of the Federal Government to preserve liberty.” Building out of wide-ranging principles including “the United States is the greatest, most benevolent, most prosperous, and most successful country in the history of human civilization,” the resolution puts forward a laundry list of political goals.

Alongside long-standing conservative pet rocks like a balanced budget amendment and abolition of income tax, the resolution pushes to “deregulate cryptocurrencies and incentivize blockchain innovation.” The specifics of this proposition are absent, but details are overall not part of this resolution. 

Cawthorn first released his “New Contract” to Fox News with the stated aim of establishing a central set of goals for Republicans, who anticipate retaking one or both of the chambers of Congress come midterm elections in fall.

This is the 28th bill or resolution on which Cawthorn, who began his term in 2021, is the primary sponsor. None has thus far made it out of committee. Moreover, this latest resolution has been referred to the 14 different committees whose jurisdictions are implicated. It is, therefore, implausible as an actual policy aiming to pass the House. 

The resolution is, however, more revealing as to how cryptocurrency has become a lightning rod for partisan declarations in Congress. While very little in the way of crypto legislation has gotten anywhere in Congress, progressives like Senator Elizabeth Warren (D-MA) have gotten a great deal of publicity by making bombastic statements about the crypto industry.