By Chris Hollingworth 
Former Congressman Wiley Nickel emphasized the critical need for comprehensive and lasting crypto regulations to be enacted through an act of Congress. In an exclusive interview with Cointelegraph’s Turner Wright, Nickel stressed the importance of bipartisan collaboration in shaping meaningful legislation in the crypto space. He warned against relying solely on executive orders, citing the potential for instability and reversibility.
Nickel highlighted the drawbacks of executive actions by referencing President Trump’s past directives, such as the establishment of the Working Group on Digital Assets and the prohibition of a central bank digital currency (CBDC). These examples serve as a reminder of the temporary nature of executive orders, subject to change by subsequent administrations.
In response to the urgent need for legislative clarity, key figures in Congress have taken proactive steps. Rep. Tom Emmer reintroduced a bill banning a CBDC in the US, signaling a firm stance on digital currency policies. Wyoming Senator Cynthia Lummis also made strides with the reintroduction of the Bitcoin Act, which aims to expand the US’s Bitcoin holdings beyond 1 million BTC.
Building on these initiatives, Rep. Byron Donalds announced plans to formalize the Bitcoin strategic reserve through legislation, safeguarding it from potential reversals. This move underscores the push for enduring regulatory frameworks that transcend political shifts.
In a significant development, the House of Representatives recently repealed the IRS broker rule, relieving decentralized finance platforms from the burden of reporting to the Internal Revenue Service. This decision, passed with a 292-131 vote, reflects a growing recognition of the need for balanced regulatory measures in the crypto sector.
Looking ahead, Democrat Rep. Ro Khanna expressed optimism about Congress’s ability to enact comprehensive crypto regulations by 2025. This includes anticipated bills addressing stablecoins and market structures, signaling a proactive approach to address evolving challenges in the digital asset landscape.
As policymakers navigate the complex terrain of crypto regulations, the call for legislative action remains paramount to establish a stable and conducive environment for the industry’s growth and innovation.
