The Senate Agriculture Committee held a hearing on digital commodities, focusing on protecting retail, but Republican and Democrat Senators have yet to coalesce around a bill. At a Senate nominations hearing, Senator Hagerty criticized SEC Commissioner Crenshaw’s “hostility” towards the crypto industry, and Senator Lummis encouraged FDIC Chair nominee Christy Romero to ensure crypto firms have fair access to banks. In the House, a SAB 121 repeal effort fell short, but Congress is not giving up, as reports emerge the SEC may be granting certain banks relief from the accounting guidance on a one-off basis. In the House Rules Committee, amendments to boost funding for Treasury to combat illicit finance and study tokenization of real world assets are being considered as part of a House appropriations bill. On the campaign front, the GOP’s party platform for 2024 now supports defending the rights to mine Bitcoin and self-custody, and opposes a CBDC.
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