Future US presidential administrations have the same speed and ease with which they can revoke executive orders.
Former Congressman Wiley Nickel asserts that for crypto restrictions to be enforceable and significant, they must be passed by an act of Congress.
In a special video conversation with Turner Wright of Cointelegraph, Nickel called for bipartisan cooperation to advance comprehensive crypto rules. “I think it’s really important for anybody who cares about this issue to step back and realize that you have to move legislation through Congress if you want lasting change in Washington,” the former congressman continued. Otherwise, it will just go back and forth while discussing executive orders.
Nickel said, “You need to get legislation through Congress — you don’t want to have the mess that we saw just months ago with Gary Gensler’s SEC.”
Examples of executive actions that can be revoked later include President Trump’s executive order on January 23 creating the Working Group on Digital Assets, which also forbade the creation of a central bank digital currency (CBDC), and the order creating a Bitcoin strategic reserve in addition to a separate crypto stockpile.
Sitting second from the left at the Blockworks Digital Asset Summit is former Congressman Wiley Nickel. Cointelegraph is the source.
Related: By August, Congress is expected to approve stablecoin and market structure bills: Association for Blockchain
On March 6, U.S. House of Representatives majority whip Rep. Tom Emmer proposed legislation that would have prohibited a CBDC in the United States.
In March, Senator Cynthia Lummis of Wyoming also proposed the Bitcoin Act, which expands on a previous law with the same name but permits the US to buy more than one million Bitcoin BTC ($84,252).
The 2025 Senator Lummis Bitcoin Act. Senator Cynthia Lummis is the source.
In order to protect President Trump’s first executive order from being revoked by a subsequent government, Rep. Byron Donalds recently said that he will propose legislation to enshrine the Bitcoin strategic reserve into law.
By a vote of 292-131 on March 12, the House of Representatives revoked the IRS broker rule that required decentralized finance platforms to provide information to the IRS.
Democrat Representative Ro Khanna stated during this year’s Blockworks Digital Asset Summit that Congress should be able to enact complete crypto regulation in 2025, including legislation pertaining to market structure and stablecoins.
Magazine: Important issues remain unanswered by the SEC’s U-turn on crypto
