According to CoinDesk, Ron Wyden, chairman of the U.S. Senate Finance Committee, said at the Consensus 2024 conference that the House of Representatives is making the right progress on the FIT21 bill. He and others in the Senate decided to review the controversial cryptocurrency accounting standards of the U.S. Securities and Exchange Commission and reconsider adopting "different standards" for digital asset custody.
Wyden said that while progress on a legislative solution may not be rapid, he expects momentum to continue in Washington next year. He believes the recent approval of the Financial Innovation and Technology for the 21st Century Act (FIT21), pushed by Rep. Patrick McHenry, which seeks to establish a market structure for digital assets, is the right move and now moves to the Senate.
Wyden also said he supports stablecoins and praised innovations in blockchain technology, such as the creation of portable medical records. He said that while Congress often struggles with new technologies, cryptocurrency is a "significant issue" of concern in this year's congressional elections.
