Lawmakers on Capitol Hill are reportedly planning to reintroduce more than 50 legislative items relating to crypto, digital asset and related policies for the current session. In particular, Sen. Elizabeth Warren (D-Mass.) will be bringing her Digital Asset Anti-Money Laundering Act to the Senate floor, while Sen. Tommy Tuberville (R-Ala.) and Rep. Byron Donalds (R-Flo.) will be presenting the Financial Freedom Act. This proposed legislation seeks to expand crypto investment opportunities for retirement funds and protect investors from personal loss due to overregulation.

Similarly, Sens. Cynthia Lummis (R-Wyo.) and Kirsten Gillibrand (D-N.Y.) are expected to introduce the revised version of their Responsible Financial Innovation Act this month, while Reps. Patrick McHenry (R-N.C.) and Ritchie Torres (D-N.Y.) will be revising their Keep Innovation in America Act. All of these legislative items aim to promote the responsible use of digital assets by setting up new anti-money laundering and anti-terrorism frameworks, as well as anti-broker tax reporting guidelines.

However, introducing these bills is only the first step in enacting policy changes. Lawmakers need to appeal to the appropriate committees at the right time for bills to even move forward for consideration. Sen. Sherrod Brown (D-Ohio), the chairman of the Senate Banking Committee, is skeptical of the crypto assets' speculative nature, exemplified by FTX's collapse earlier this year. As such, it remains to be seen which bills will become legislation and what the industry's future may look like.



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