Congress was out of session this week as Republicans gathered in Milwaukee for the party’s national convention. President Trump selected Senator J.D. Vance (R-OH) to be his running mate. On crypto, Senator Vance has been generally supportive, reportedly working on a crypto-friendly market structure bill and working to protect fair access to banking and mitigate regulatory abuse. He has also opposed anti-crypto accounting guidance from the SEC, a U.S. CBDC, and overly expansive tax reporting requirements for crypto market participants. Next week, the House is slated to consider an appropriations bill that includes provisions to defund SAB 121, defund Treasury’s efforts to build a CBDC, and defund certain crypto enforcement actions until there is more legal clarity.
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