The policy arm of the United States Senate Republicans has issued a policy paper on cryptocurrency, indicating that the GOP is moving toward a more unified approach to crypto regulation.
The Senate Republican Policy Committee (RPC), chaired by U.S. Senator Roy Blunt (R-MO), develops legislative policy goals for the party as well as conducts research and analysis on a variety of topics.
The brief policy paper, titled “Cryptocurrency Goes Mainstream,” was released on April 7, and it examines both the benefits and the “dark side” of cryptocurrency. While the paper highlights crypto’s potential to reduce transaction costs and speeds while increasing privacy, it also highlights crypto’s role in “nefarious purposes” such as ransomware attack payments, scams, speculation, and drug trafficking.
Though there is no new information in the paper, it is notable for demonstrating the development of a more cohesive Republican policy position on crypto. Senate Republicans have been more supportive of the crypto industry than Senate Democrats on the whole, but policy efforts have been patchy.
On Capitol Hill, varying levels of crypto education have also been a challenge. While some lawmakers are well-versed in cryptocurrency, others, such as Sen. Ted Cruz (R-Texas), cannot explain what a cryptocurrency is.
The RPC’s paper suggests that those days may be numbered.
President Joe Biden’s executive order on cryptocurrency, issued last month, called for a whole-of-government approach to cryptocurrency regulation, as noted in the RPC’s paper.
These objectives [in the EO] included protecting consumers, investors, and businesses, as well as ensuring privacy; maintaining financial stability; and protecting against illicit uses like money laundering and ransomware, according to the report.
The order also urged the United States to continue to lead in the development of digital assets and to promote access to affordable financial services, it continues.
