From amending the definition of “legal tender” to codifying a right to own self-hosted wallets, there is a lot of action Congress could take on crypto in 2024.
To begin the new year on the right foot, many people have taken resolutions from losing weight to saving money. The new year is a great time to start fresh, so perhaps Congress should also set a few resolutions.
From reining in the Federal Reserve to leveling the playing field for cryptocurrency use, there are many options to choose from. However, to not risk setting too many goals all at once, here are five reforms that Congress should strive for this year.
First, Congress should formally establish that the Federal Reserve does not have the authority to launch a central bank digital currency (CBDC). The Federal Reserve’s recently released “Doomsday Book” makes it clear that all too often, the Federal Reserve has relied on its own discretionary authority rather than explicit congressional authorization. Furthermore, statements from Federal Reserve officials have similarly preserved a sort of legal gray area around the authority to issue a CBDC.
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Source: https://cointelegraph.com/news/self-hosted-wallet-crypto-laws-congress-should-pass-2024