Crypto regulation must go through Congress - Wiley Nickel

Former Congressman Wiley Nickel emphasizes that for crypto regulations to have a lasting impact, they must be enacted through Congress rather than relying on executive orders.

This stance is crucial because executive orders can be easily repealed by future administrations, whereas legislation passed by Congress provides a more stable and enduring framework for the industry.

Nickel argues that meaningful and lasting change in crypto regulation requires bipartisan collaboration in Congress. This approach ensures that regulations are not subject to the whims of changing administrations..

Nickel has also criticized the SEC's regulatory approach under Gary Gensler, suggesting it is harmful to consumers and innovation. He advocates for clearer, more supportive regulations that foster growth in the crypto sector.

Nickel is working to shift the Democratic Party's stance on crypto to be more supportive. He believes that embracing crypto and blockchain technology can democratize finance and uplift communities globally.

There are ongoing efforts in Congress to pass legislation related to stablecoins and market structures, which could provide clearer guidelines for the crypto sector.

Some lawmakers are pushing to codify President Trump's Bitcoin strategic reserve into law to prevent future reversals.

Nickel's advocacy underscores the importance of legislative action in establishing a robust and enduring regulatory framework for the crypto industry.

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