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The policy arm of the United States Senate Republicans has released a policy document on cryptocurrency, indicating that the GOP is moving toward a more cohesive approach to crypto regulation.
The Senate Republican Policy Committee (RPC), led by United States Senator Roy Blunt (R-MO), is charged with developing the party's legislative policy goals and doing research and analysis on several topics.
The brief policy document, titled "Cryptocurrencies Enters the Mainstream," was issued on April 7 and discusses cryptocurrency's advantages and disadvantages. While the study promotes crypto's ability to "down transaction costs and speeds while increasing anonymity," it also highlights crypto's use for "nefarious reasons" such as ransomware attack payouts, frauds, speculation, and drug trafficking.
Though the document contains no new material, it is notable for demonstrating the evolution of a more coherent Republican policy perspective on crypto. Senate Republicans have been more supportive of the cryptocurrency business than Senate Democrats overall, although policy initiatives have been patchy.
On Capitol Hill, the disparate degrees of crypto knowledge has also been a contention source. While some senators are crypto-savvy, others, as Sen. Ted Cruz (R-Texas) has repeatedly said, have no idea “what the heck a cryptocurrency is.”The RPC’s paper indicates that those days may be drawing to a close.
President Joe Biden’s executive order on cryptocurrency, published last month, called for a whole-of-government approach to crypto regulation — a point noted in the RPC’s study.
“These objectives [in the EO] included protecting consumers, investors, and businesses and ensuring privacy; maintaining financial stability; and guarding against illicit uses such as money laundering and ransomware,” the study said.
“The order also called for the U.S. to continue leading the development of digital assets and promoting access to affordable financial services,” it continues.
