Congress returns from a two-week recess with potential legislative movement on stablecoins, market structure, and advancing the deployment of distributed ledger technology.

While Congress was away, the Fed announced it was rescinding several directives related to digital assets, including joint guidance with the OCC and FDIC. The announcements were met with mixed reviews from members of Congress.

The SEC clarified for issuers of securities how federal securities laws apply to certain offerings and registrations of securities in the crypto asset markets. Soon after being sworn in, SEC Chair Paul Atkins said the Commission has ample authority to advance meaningful regulatory clarity on digital assets. The SEC Crypto Task Force hosted two more roundtables, on trading and custody. Upcoming roundtables will focus on tokenization and DeFi.

DOJ announced it was ending digital assets-related “regulation by prosecution.”

Read more below

Congress

Hearings

• This week
  • On April 29, the House Financial Services Financial Institutions Subcommittee will hold a hearing on Regulatory Overreach: The Price Tag on American Prosperity.
  • On April 30, the House Financial Services Committee will hold a markup, which could include digital assets-related legislation.
  • On April 30, the Senate Commerce Committee will hold a markup to consider bills including the Deploying American Blockchains Act of 2025.

• Upcoming
  • On May 6, the House Financial Services Digital Assets, Financial Technology and Artificial Intelligence subcommittee and the House Agriculture Commodity Markets, Digital Assets and Rural Development subcommittee will hold a joint hearing on American innovation and the future of digital assets.
  • On May 7, the House Financial Services Committee will hold a hearing on the state of the international financial system with Treasury Secretary Scott Bessent.
  • On May 20 and 21, the House Financial Services Committee will hold a markup, which could include digital assets-related legislation.

Legislation

• Senate Committee on Environment and Public Works Ranking Member Sheldon Whitehouse (D-RI) and Sen. John Fetterman (D-PA) introduced the Clean Cloud Act to set an emissions performance standard for the electricity used by cryptomining facilities and data centers and utilize the revenues generated to help consumers save on utility bills and invest in long-term storage and clean firm generation. (Text) (Summary)(Press release)  

• Reps. Zach Nunn (R-IA), Scott Fitzgerald (R-WI), and Josh Gottheimer (D-NJ) introduced the Guarding Unprotected Aging Retirees from Deception (GUARD) Act to allow state and local law enforcement to use eligible federal grant funding to investigate financial fraud and “pig butchering” scams against retirees and to permit federal law enforcement to assist state and local law enforcement with tracing tools for blockchain technology. (Text)(Press release)

• Reps. Nydia Velázquez (D-NY), Alexandria Ocasio-Cortez (D-NY), and Delia Ramírez (D-IL) introduced the Fair Taxation of Digital Assets in Puerto Rico Act to disallow U.S. citizens who spend at least half the year in Puerto Rico to classify income from digital asset activities like mining, staking, or trading as Puerto Rico-sourced and exempt from U.S. federal taxes. (Text)(Press release)

• Reps. Summer Lee (D-PA), Rashida Tlaib (D-MI), and Jerrold Nadler (D-NY) reintroduced the Oppose Limitless Inequality Growth and Reverse Community Harm (OLIGARCH) Act to tax the wealth of the ultra-rich based on their net worth relative to the median household in the United States and establish measures within the Internal Revenue Service to combat tax evasion, including directing the IRS to create rules for valuing all asset types, including illiquid assets like private businesses, art, and crypto. (Text)(Press release)

• Reps. Andy Barr (R-KY) and Ritchie Torres (D-NY) introduced the Financial Integrity and Regulation Management (FIRM) Act to prohibit federal banking regulators from using “reputational risk” to deny financial services to lawful businesses or individuals. Senate Banking Chair Tim Scott (R-SC) introduced the bill in the Senate. (Press release)

Correspondence

• Sens. Dick Durbin (D-IL), Mazie K. Hirono (D-HI), Elizabeth Warren (D-MA), and six colleagues sent a letter Deputy Attorney General Todd Blanche requesting the Department of Justice reverse recent decisions disband its National Cryptocurrency Enforcement Team (NCET). (Letter)(Press release)

• Sen. Elizabeth Warren (D-MA) sent a letter to sent a letter to Securities and Exchange Commission Chair Paul Atkins questioning how the agency plans to protect investors and ensure its independence as it considers whether to approve new financial products launched by Trump Media & Technology Group (TMTG), including agreement with Crypto.com to offer Truth Social-branded exchange-traded funds (ETFs) and other products through its new financial services platform, Truth.Fi. (Letter)(Press release)

• Sen. Elizabeth Warren (D-MA) sent a letter to John Hurley, nominee for Under Secretary of the Treasury for Terrorism and Financial Intelligence, asking a series of questions about digital assets and saying, “Bad actors are also increasingly turning to cryptocurrency to enable money laundering, sanctions evasion, and to finance major national security threats, such as Russia’s war on Ukraine, North Korea’s nuclear program, China’s sale of weapons parts to sanctioned nations, and ransomware attacks. Treasury has recognized growing threats and vulnerabilities in the virtual asset space and, in November 2023, the agency published a “term sheet” outlining five legislative proposals that would help Treasury combat illicit finance, including amending the BSA to include a new virtual asset-related category of “financial institution” that would include entities such as crypto exchanges.” (Letter)(Press release)

Publications

• The Senate Banking Committee published a fact sheet on about how the GENIUS Act bolsters U.S. national security. (Fact sheet)

• The House Energy and Commerce Committee released House Report 119-70 on the Deploying American Blockchains Act. (Report)

Trump Administration

Federal Reserve

• The Fed announced it was rescinding a 2022 directive that required banks to tell the central bank before engaging in any crypto-asset activities, and “will instead monitor banks’ crypto-asset activities through the normal supervisory process.” The Fed also withdrew a 2023 policy requiring banks to seek permission from regulators before engaging in activities related to stablecoins. In addition, the Fed withdrew two 2023 joint statements with the Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC) warning institutions about the risks posed by their exposure to crypto assets. The FDIC and OCC also released similar announcements withdrawing from the joint guidance. (Fed press release)(FDIC press release)

Department of Justice (DOJ)

• Deputy Attorney General Todd Blanche sent a memo to all Department employees on Ending Regulation By Prosecution, announcing it “will no longer pursue litigation or enforcement actions that have the effect of superimposing regulatory frameworks on digital assets while President Trump’s actual regulators do this work outside the punitive criminal justice framework.” (Memo)

Securities and Exchange Commission (SEC)

• The SEC Division of Corporation Finance issued a statement on Offerings and Registrations of Securities in the Crypto Asset Markets providing its views about the application of certain disclosure requirements under the federal securities laws to offerings and registrations of securities in the crypto asset markets. (Statement)

• On April 11, the Crypto Task Force hosted a roundtable on Between a Block and a Hard Place: Tailoring Regulation for Crypto Trading.

• On April 25, the Crypto Task Force roundtable focused on Know Your Custodian: Key Considerations for Crypto Custody.(Event)

• The next Crypto Task Force Roundtables will be May 12 on Tokenization: Moving Assets Onchain: Where TradFi and DeFi Meet (Event) and June 6 on DeFi and the American Spirit (Event)

• On May 6, the SEC will hold a virtual meeting of the SEC Capital Formation Advisory Committee for matters relating to rules and regulations affecting small and emerging businesses and their investors under the federal securities laws.

U.S. Secret Service

• The Secret Service released a statement Operation Avalanche, a coordinated operation with the BC Securities Commission and multiple Canadian police agencies to identify compromised wallets on the Ethereum blockchain warn wallet  owners they are victims of “approval phishing.” (Press release)

Noteworthy Quotes and Events

ADMINISTRATION

Securities and Exchange Commission (SEC)

• On developing new crypto rules, SEC Chair Paul Atkins said, “I think we have ample room to maneuver under existing rules and laws.” He also said, “This is important work as entrepreneurs across the United States are harnessing blockchain technology to modernize aspects of the financial system. I expect huge benefits from this market innovation in terms of efficiency, cost reduction, transparency and risk mitigation.” (Politico)

• On the SEC Division of Corporation Finance statement on Offerings and Registrations of Securities in the Crypto Asset Markets, Commissioner Hester Peirce issued a statement on Let’s Talk Disclosure: Division of Corporation Finance’s Statement on Offerings and Registration of Securities in the Crypto Asset Markets, saying, “The Division’s statement is not a definitive how-to guide for the come-in-and-register invitation that befuddled so many in recent years. Rather, it is a small step in identifying relevant disclosures so that investors have material information about the projects and businesses in which they are investing. The Division highlights, for example, disclosures about the development timeline of a crypto network or application, its functions and processes, and a clear explanation of the rights of holders of the relevant security, such as dividends, profit-sharing, or voting rights. The statement reflects the fact that a token that is not a security can be sold in a securities offering, but also allows for the possibility that a centralized crypto company might issue equity or debt securities or a crypto asset that is itself a security.” (Statement)

• At the SEC’s Crypto Task Force roundtable on Know Your Custodian: Key Considerations for Crypto Custody, opening statements included:
  • Chair Paul Atkins said, “This is important work as entrepreneurs across the United States are harnessing blockchain technology to modernize aspects of our financial system. I expect huge benefits from this market innovation for efficiency, cost reduction, transparency, and risk mitigation. Market participants engaging with this technology deserve clear regulatory rules of the road. Innovation has been stifled for the last several years due to market and regulatory uncertainty that unfortunately the SEC has fostered.” (Remarks)
  • Commissioner Mark Uyeda said, “While the Office of the Chief Accountant recently removed a significant barrier for companies seeking to offer crypto asset custodial services by withdrawing Staff Accounting Bulletin No. 121, there is still work to do to ensure appropriate choice among custodial solutions. For example, the Commission should consider whether it is clear that registered investment advisers can use state-chartered limited purpose trust companies to custody crypto assets as fiduciaries as qualified custodians in compliance with Rule 206(4)-2 under the Advisers Act (known as the Custody Rule). Limited purpose trust companies with the authorization of a state banking regulator, such as the New York State Department of Financial Services or the California Department of Financial Protection and Innovation, might be able to custody crypto assets as fiduciaries arguably ‘exercise fiduciary powers similar to those permitted to national banks’ under the authority of the Office of the Comptroller of the Currency (OCC).” (Remarks)
  • Commissioner Caroline Crenshaw said, “…I am deeply concerned about the potential for eroding the high standards required under our existing custody rules. While we have been, and should continue to be, open to innovative and new products or technologies, such advancements do not require us to forsake fundamental, statutorily mandated principles – like safeguarding client assets. How can we bridge that gap so that investors are afforded consistent protections regardless of asset class?” (Remarks)
  • Commissioner Hester Peirce said, “Our regulatory approach should recognize the differences across crypto assets. Qualified custodians exist for some crypto assets, but for others self-custody might be the safer option. Many tokenized securities involve the use of smart contracts or other blockchain-related protocols that allow the issuer or its agent to take corrective measures in the event of an error or lost or stolen private keys, just as it could resolve issues when using a traditional database. Indeed, distributed ledgers could mitigate some risks associated with traditional databases. For example, a broker-dealer’s ability to control an uncertificated security on-chain arguably makes it easier for the broker-dealer to demonstrate that it is the legal owner of the security if the issuer or its agent were to mismanage any off-chain ownership records.” (Remarks)

• At the SEC’s Crypto Task Force roundtable on Between a Block and a Hard Place: Tailoring Regulation for Crypto Trading, opening statements included:
  • Commissioner Mark Uyeda said, “While the Commission works to develop a long-term solution to address these issues, a time-limited, conditional exemptive relief framework for registrants and non-registrants could allow for greater innovation with blockchain technology within the United States in the near term.  I encourage market participants that are developing new ways to trade securities using blockchain technology to provide input on where exemptive relief may be appropriate.” (Remarks)
  • Commissioner Caroline Crenshaw said, “Any conversation about crypto trading quickly reveals the immense complexity and unique nature of these transactions. In thinking about these complexities, I can’t help but consider them from the perspective of a retail investor. What is a retail investor’s expectation for how their crypto investments move through a trading platform? What protections do they naturally assume they have based on crypto companies’ marketing and their experience with more traditional investments? Do they actually have the benefit of those protections in practice? In my view, they should. But… do they? And if they don’t, how are they warned of that?” (Remarks)

CONGRESS

Senate Armed Services hearing on INDOPACOM and USFK Posture

• Sen. Mazie Hirono (D-HI) ) asked a series of questions related to digital assets:
  • “So indeed, if China is our pacing threat, we know that every time we create a void and any part of particularly in the in the PAYCOM area, including by the way, by providing assistance to our compact nation friends, that China just steps right in and fills that void. General rosin, you raised an important point in your opening statement regarding North Korea, hackers North stealing 1.5 billion probably more and crypto currency to fund their military. And at the same time that Justice Department has disbanded a team of prosecutors targeting crypto crimes. Does that concern you?”
• Army Gen. Xavier Brunson, Commander of the UN Command/Combined Forces Command/U.S. Forces Korea
  • “Good morning, Madam Senator. First, that does not bother me at all. What I’m thinking about is all the instruments of military power that have to be brought to bear to stop illicit activity. That is only one of the illegal things they’re doing. We’ve talked a lot about what is North Korea getting from Russia, one of the things they’re getting is the ability to circumvent sanctions. And that theft is a piece of that. Ma’am. I’m also encouraged by the fact that we can see what’s going on.”
• Sen. Mazie Hirono (D-HI)
  • “Do you have an awareness of the Department of Justice’s team that targeted and basically well was able to prosecute, to the tune of billions of dollars crypto crimes, are you aware of that team, highly successful team that has been disbanded?”
• Gen. Xavier Brunson
  • “Yes, ma’am. I am aware of that team. However, I believe that we’ve had the instruments to continue to proceed to prosecute these crimes.”
• Sen. Mazie Hirono (D-HI)
  • “That’s somewhat reassuring. But I think that with all of the crimes that are going on within the crypto space, I think that we should not be disbanding any efforts that we have in in that space. Thank you, Mr. Chairman.”

Senate Banking Committee hearing to consider the nomination of John Hurley for Treasury Under Secretary for Terrorism and Financial Intelligence

• Sen. Andy Kim (D-NJ) asked questions regarding digital assets:
  • “Mr. Hurley, I wanted to just start with you. If you’re confirmed, you oversee FinCEN, the Financial Crimes Enforcement Network. In your opening statement, you said that part of the role that you’ll have is disrupting and dismantling the financial networks that support terrorist groups organized crime, including nations also nations that threaten our national security. So right now we’re having before this committees are bipartisan talks about cryptocurrency stablecoins, I want to ask if you have concerns about North Korea, drug cartels, other types of organizations like that, from utilizing cryptocurrencies and Stablecoins.”
• John Hurley
  • “Thanks very much, Senator and also very much enjoyed our conversation. The absolutely sure that concern on the use of crypto I mean, obviously, you know, our adversaries anytime we use any tool. They’re there, as they described a fairly sophisticated and they’re going to find a way around it. And we can see obvious examples, the recent headline stories, I’m not in the building yet. So I haven’t had a chance to dig deep in the intelligence. But it seems very clear that the DPRK was able to take well over a billion dollars in crypto and sounds like they’ve successfully laundered it through the blockchain.”

Fed Rescinding Rules

• Financial Services GOP tweeted, “NEW: The Committee applauds the Federal Reserve’s decision to rescind Biden-era guidance that requires banks to notify regulators in advance of crypto-related activities. This has been a priority for the Committee since 2023, and as mentioned in a letter last month to federal agencies, the Committee looks forward to furthering innovation in the banking system.”

• Sen. Cynthia Lummis (R-WY) tweeted, “The Fed withdrawing crypto guidance is just noise, not real progress. We are NOT fooled. The Fed assassinated companies within the industry and hurt American interests by stifling innovation and shuttering businesses. This fight is far from over.”

• Lummis also tweeted, “The Federal Reserve’s actions yesterday withdrawing crypto guidance are just lip service. Here’s why: The Fed continues to illegally flout the law on master accounts. Unlike the OCC and FDIC, the Fed STILL uses reputation risk in bank supervision. The Policy Statement on Section 9(13) hasn’t been withdrawn, which says bitcoin and digital assets are unsafe and unsound. Last but certainly not least, the Fed staff behind Operation Chokepoint 2.0 are the same people still working on crypto issues today.”

• Lummis also tweeted, “I will continue to hold the Fed accountable until the digital asset industry gets more than a life jacket, Chair Powell—they need a fair shake.”

Miscellaneous

• Sen. John Boozman (R-MT) released a statement on Advancing a Bold Agenda 100 Days into the New Congress, saying, “Senate Republicans have also reversed the previous administration’s rules targeting digital currencies. Already this Congress, the leaders of the committees of jurisdiction – which include the Senate and House Ag Committees as well as the Senate Banking and House Financial Services panels – and senior White House officials have come together to reaffirm our partnership toward instituting a regulatory framework for the industry that protects consumers and allows U.S. businesses to thrive. Pursuing these goals through a transparent process will be essential in establishing the rules of the road for a novel and innovative market like crypto.” (Statement)

• In remarks on the House floor, Rep. Brad Sherman (D-CA) said, “…I spent this morning being told that we need to have cryptocurrency because it’s going to be this great payment system. And for some reason the payment systems that use U.S. dollars aren’t good. And now I’m here on the floor being told that Venmo and its competitors are so wonderful that there should be absolutely no regulation. So on the one hand we have to create a new currency for drug dealers and on the other hand the system used for U.S. dollars shouldn’t be regulated because it’s perfect. Why do we need to regulate? First to prevent excessive fees. Second to prevent deception. But third, and this one is obvious, to prevent the loss of consumer money.”

• In floor remarks, House Financial Servies Ranking Member Maxine Waters (D-CA) said of Trump digital assets products, “All of their business ventures with their own digital payment systems, including x, and Trump’s new payment stablecoin. This is a point everybody should pay attention to. The President of the United States and his family have created their own crypto company. In addition to that in the middle of us trying to negotiate on stable coin to come to some agreements about guardrails to protect the average investor, he has now founded a new company where he’s going to own stable coins.”

• On the confirmation of Paul Atkins to lead the SEC, Senate Banking Chair Tim Scott (R-SC) released a statement, “Paul Atkins brings a wealth of experience and dedication to safeguarding our capital markets. His tenure will mark a pivotal moment to roll back harmful Biden-era policies, promote capital formation, and enhance opportunities for retail investors. Chairman Atkins will also provide regulatory clarity for digital assets, allowing American innovation to flourish, and ensuring we remain competitive on the global stage. I look forward to collaborating with Chairman Atkins to reignite our capital markets, which are vital for economic growth, job creation, and innovation.” (Statement)

• On the confirmation of Paul Atkins to lead the SEC, Sen. Cynthia Lummis (R-WY) released a statement, “All of their business ventures with their own digital payment systems, including x, and Trump’s new payment stablecoin. This is a point everybody should pay attention to. The President of the United States and his family have created their own crypto company. In addition to that in the middle of us trying to negotiate on stable coin to come to some agreements about guardrails to protect the average investor, he has now founded a new company where he’s going to own stable coins.” (Statement)

• In a Joint Economic Committee hearing on Reducing Waste, Fraud, and Abuse Through Artificial Intelligence, Rep. David Schweikert (R-AZ) said, “You know, in a decade ago, I was positive blockchain was going to be my way to build universal databases, access hierarchies of permission, I have an expertise in blockchain node coding and design. And I’m here a decade later, and it didn’t go anywhere.”

• House Financial Services Ranking Member Maxine Waters (D-CA) issued a statement during a Digital Assets, Financial Technology, and Artificial Intelligence Subcommittee hearing on American Innovation and the Future of Digital Assets: Aligning the U.S. Securities Laws for the Digital Age, saying, “I must highlight over two days, Americans lost $6.6 trillion due to Trump’s failed tariff policies. But as Americans wonder how they will afford retirement or afford groceries, Trump is sitting pretty. In one year, he has doubled his wealth through various crypto schemes and is using the power of the Presidency to make himself richer. Ladies and gentlemen and Members of this Committee, you know that Mr. McHenry and I worked in a bipartisan way to try to come to some consensus about the guardrails that were needed to protect our investors as it relates to crypto. But, this Committee is helping Trump. Last week, this Committee voted to make Trump the King of Crypto by passing legislation that lets him corner the market on stablecoins, kick George Washington off the dollar, and make his own stablecoin U.S. legal tender. Instead of stopping this grift, you are enabling it. Mr. Chairman, we need to stop Trump before we take any further steps on crypto legislation.”

• Sen. Chris Van Hollen (D-MD) tweeted, “Donald Trump is auctioning off presidential face time to the biggest investors in his personal crypto coin scheme and using the White House for personal profit. Despicable.”

• Rep. Joyce Beatty (D-OH) tweeted, “Thinking about investing in crypto? While digital assets can offer new opportunities, they also come with risks. Before you invest: Research the market and volatility Use reputable platforms Never invest more than you can afford to lose Smart investing starts with smart learning.”

• Rep. Nydia Velazquez (D-NY) tweeted, “Puerto Rico is set to lose $4.5B by 2026 from tax breaks for wealthy investors, while costs rise & locals are pushed out. My bill will close loopholes for digital assets & end PR’s crypto tax haven status. This bill will help Puerto Ricans shape their own economic future.”

• Sen. Chris Murphy (D-CT) tweeted, “MAGA doesn’t want democracy because they want power forever. But also to get away with the thievery and corruption. A true democracy would hold Trump accountable for the mass scale corruption – the crypto coin, the insider trading, the Musk self dealing etc.”

• Murphy also tweeted, “Good morning. Today is the 80th day that the U.S. President is running a backdoor bribery scheme in which any CEO or foreign oligarch can send him money secretly through his crypto coin scam in exchange for favors. It’s the biggest scandal in the history of the Presidency.”

• Rep. Stephen Lynch (D-MA) tweeted, “Our country is facing historic inflation, and President Trump’s reckless, on-again, off-again tariffs are sending our markets into a tailspin. Rather than working to protect American consumers and market integrity, my Republican colleagues are determined to push reckless crypto legislation that would enrich the crypto bros and the Trump family’s crypto business, despite clear conflicts of interest.”

• Sen. Ted Cruz (R-TX) tweeted, “Attended the signing of my crypto resolution. My resolution was the FIRST piece of crypto legislation to be signed into law”

• Cruz also tweeted, “Great to visit POTUS yesterday to see my crypto resolution signed into law — this is a MAJOR win for cryptocurrency, Bitcoin, and decentralized finance. Congress overwhelmingly stands with crypto’s right to be free from government control, and I’m proud to have led the fight in the U.S. Senate to get this done.”

• Rep. Sam Liccardo (D-CA) tweeted, “When it comes to crypto, the industry deserves clear rules of the road, and Congress needs to act. We also need an agency willing to enforce those laws. We must protect consumers from the inevitable fraud, rug pulls, and pump-and-dump schemes and prosecute criminal activity (weapons, illicit drugs, and human trafficking) facilitated by the anonymity of crypto. Trump’s Justice Department has abdicated its responsibility to do so.”

• House Financial Services Chair French Hill (R-AR) tweeted, “A historic moment for crypto. Thanks to President Trump for his leadership in ensuring America leads in the digital asset space. FinancialCmte looks forward to continuing our legislative work to fulfill the President’s vision of a Golden Age for digital assets.”

• Rep. Mike Carey (R-OH) tweeted, “HISTORY MADE Just now, POTUS signed my bill to repeal to the IRS DeFi Crypto Broker Rule. This is the first cryptocurrency bill EVER signed into law by a president. HouseGOP is working to keep America as the crypto capital of the world!”

• House Judiciary Dems tweeted, “It all started when Trump launched a crypto meme coin grift days before taking office. Then his administration kindly gave a Chinese businessman who put $75 million into that grift a pass on civil fraud charges. Now he’s disbanding DOJ’s entire crypto enforcement unit to facilitate future operations. Trump’s dragging America into a full-blown Gangster State.”

• Rep. Sylvia Garcia (D-TX) tweeted, “Funny how that works — Trump and his billionaire buddies invest in and promote the crypto industry, then suddenly prosecutors are told to back off. The TheJusticeDept and SECGov need to do their jobs. I’m fighting to protect working families from getting scammed while the ultra-wealthy continue to line their pockets at the expense of working people.”

• Rep. Warren Davidson (R-OH) tweeted, “Digital ID is a dystopian system of surveillance and control, yet central bankers and elected officials are working to integrate it into the payment system. The right to transact was not granted by government. In America, rights cannot be impaired without cause and due process.”

• Rep. Byron Donalds (R-FL) tweeted, “Our nation currently has no regulatory framework for digital assets. As a result, most of the investment in this industry is made overseas. We can change this. Congress is working to establish this framework & once we do so, we will be able to greatly expand finance in America.”

• Donalds also tweeted, “The Left has repeatedly wielded the heavy hand of the federal government to attempt to cut-off industries such as digital assets/ fossil fuels from the financial system. Hardworking Americans from ALL WALKS OF LIFE deserve the economic liberty to control their own fiscal future.”

• Donalds also tweeted, “There is significant legal uncertainty surrounding the application of law to digital assets. This leaves users and developers inadequately protected and stifles innovation. Today in the FinancialCmte, we discussed the current regulatory climate alongside industry experts.”

• Sen. Cynthia Lummis (R-WY) tweeted, “Our coal miners are key to powering not just Wyoming, but America’s future. AI. Bitcoin and digital assets. Cloud computing. None of these innovations are possible without American energy independence, and POTUS knows this.”

• Lummis also tweeted, “’We lead the world in flight, in the race to the moon … and our mentality with Bitcoin should be no different.’– JimJustice_WV Thrilled Sen. Justice is on the BITCOIN Act to make America the bitcoin & digital asset capital of the world”

• Rep. Don Davis (D-NC) tweeted, “Digital asset policy remains vital for American innovation. As Ranking Member of the House Agriculture Subcommittee on Commodity Markets, Digital Assets, and Rural Development, I’m ready to roll up my sleeves and bring the modern world to rural communities.”

What I’m Reading This Week

• Crypto is merging with mainstream finance. Regulators aren’t ready. Harvard Kennedy School PolicyCast. Timothy Massad and Howell Jackson.

About Zero One Strategies

Zero One Strategies is a boutique government relations practice dedicated to navigating the complex landscape of U.S. federal policy in emerging technologies. As advancements in technology continue to outpace regulatory frameworks, Zero One Strategies aims to provide strategic guidance and bipartisan advocacy for innovators and businesses operating at the forefront of technological development.

The practice focuses on key areas such as artificial intelligence, blockchain, decentralized technologies, cybersecurity, data, and digital infrastructure, as well as the multiple policy issues impacting these sectors, including tax and financial services.

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