Iowa Senator Chuck Grassley, along with his colleagues, voted last night to push forward the first major bill aimed at regulating cryptocurrency more closely. In a conference call with Iowa reporters this morning, Grassley was asked if he’d personally invest in crypto. “I would not invest, but that doesn’t mean that that’s got any sort of indication of what I think of this bill,” Grassley says. “I think that the bill is needed.” Grassley mentioned that he has no problem with elected officials, including the president, investing in digital currency, as long as they follow the STOCK Act of 2012.
Grassley expressed, “I would see it as an investment, just like we can invest in the stock market now. We have to report all of our transactions.” He noted that he has his investments in mutual funds and doesn’t trade, so he doesn’t have to make these reports. The bill in question, known as the GENIUS Act, would regulate stablecoins, a type of cryptocurrency tied to assets like U.S. dollars. Grassley, a Republican, stated that he has no objection to politicians investing in cryptocurrency as long as they abide by the STOCK Act. He mentioned that several members of Congress are regularly engaging in this type of investment.
All Senate Democrats and two Republicans initially blocked the new crypto bill from passing, citing concerns about the strength of the regulations. An amendment that also passed last night would allow President Trump and his family members to continue their various crypto ventures. Grassley expressed his support for politicians investing in cryptocurrency, emphasizing the importance of adhering to the STOCK Act. The STOCK Act, signed into law by President Obama in 2012, aims to prevent the use of non-public information for private profit by members of Congress and government workers. Grassley’s stance reflects his belief that as long as individuals follow the rules, investing in cryptocurrency is legitimate.
The vote on Monday was procedural, and the bill has not yet received final approval in the Senate. Grassley’s position on cryptocurrency regulation and investment highlights the ongoing debate surrounding digital currencies and the need for comprehensive legislation. As the discussion continues, it is essential for lawmakers to consider the implications of regulating this evolving financial landscape. While some may have reservations about the impact of cryptocurrency on traditional markets, others see it as a valuable investment opportunity. The future of cryptocurrency regulation remains uncertain, but Grassley’s support for the GENIUS Act signals a willingness to address the challenges and opportunities presented by this emerging technology.
