Source: Cointelegraph Original: "{title}"
Former Congressman Wiley Nickel stated that cryptocurrency regulation must be enacted through a bill in the U.S. Congress to become permanent and meaningful legislation.
In an exclusive video interview with Cointelegraph's Turner Wright, Nickel urged bipartisan cooperation to push for comprehensive cryptocurrency regulatory legislation. The former Congressman added, "I think for anyone who cares about this issue, it's important to take a step back and recognize one very important point: if you want to achieve lasting change in Washington, you have to get legislation passed in Congress. Otherwise, if you're talking about executive orders, the situation will just go back and forth."
"You wouldn't want to see the kind of chaos that was caused a few months ago by the U.S. Securities and Exchange Commission (SEC) led by Gary Gensler — you need to get legislation passed in Congress," Nickel reiterated.
The executive order signed by President Trump on January 23 to establish a digital asset working group (which also prohibits the development of central bank digital currencies, or CBDCs), along with another executive order to establish a Bitcoin strategic reserve and separate cryptocurrency reserves, are examples of executive actions that could potentially be reversed in the future.
Former Congressman Wiley Nickel at the Blockworks Digital Asset Summit, sitting second from the left. Source: Cointelegraph
Both chambers of the U.S. Congress are eager to push meaningful legislation.
House Majority Whip Tom Emmer reintroduced a bill on March 6 to prohibit the issuance of central bank digital currencies in the U.S.
Wyoming Senator Cynthia Lummis also reintroduced the "Bitcoin Bill" in March, which is a revised version of a previous bill of the same name, allowing the U.S. to purchase over 1 million Bitcoin (BTC).
Senator Lummis's "Bitcoin Bill of 2025." Source: Senator Cynthia Lummis
Congressman Byron Donalds recently announced that he would draft legislation to codify the Bitcoin strategic reserve to prevent President Trump's original executive order from being overturned by future administrations.
On March 12, the U.S. House of Representatives voted 292 to 131 to repeal the IRS broker rule, which required decentralized finance platforms to report relevant information to the IRS.
Democratic Congressman Ro Khanna stated at this year's Blockworks Digital Asset Summit that Congress should be able to pass comprehensive cryptocurrency regulatory legislation by 2025, including a stablecoin bill and a market structure bill.
Related: Congressman Khanna: Stablecoin and market structure-related bills should be approved this year.
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