In the U.S., the crypto industry has long been advocating for legislation that specifically addresses its unique issues. The hope is that such legislation would provide clarity for companies looking to develop and issue tokens, manage blockchain networks, and operate without the fear of regulatory scrutiny. While Congress has yet to pass any comprehensive legislation, the Financial Innovation and Technology for the 21st Century Act, championed by Financial Services Committee Chair Patrick McHenry (R-N.C.), is a step in the right direction. However, with limited time left in the legislative calendar, the chances of significant crypto legislation making its way through the Senate are slim. Here’s a look at what could unfold and the potential obstacles that may arise.
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