According to Thom Tillis, a member of the Senate Banking Committee, lawmakers have collected ideas from both the Senate and House and are currently attempting to determine which proposals can secure bipartisan support.
Senator Thom Tillis (R-N.C.) has stated that the U.S. Congress is currently in the initial stages of creating legislation for crypto oversight. During a Bipartisan Policy Center event in Washington, D.C., Tillis explained that they are reviewing different ideas to determine which ones can secure bipartisan support. He added that the Senate Banking Committee, of which he is a member, will play a crucial role in advancing any crypto legislation. Tillis noted that they are currently completing an inventory of ideas and hope to share it within the next few weeks.
While several bills made progress on Capitol Hill last year, none have regained the same traction in the new legislative session. Now, lawmakers face pressure from recent events such as the FTX crypto exchange meltdown and the collapse of crypto banking. Senator Tillis emphasized that a bipartisan approach is necessary, as it is the only way to get something done in Congress. Senator John Hickenlooper (D-Colo.) also noted that digital asset oversight will have to come from bipartisan common ground and will likely be influenced by recent industry events.