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HRES111

Is The Bill "Expressing support for blockchain technology and digital assets." Crypto Friendly?

Description:

This House Resolution expresses strong support for blockchain technology and digital assets, highlighting their potential to foster economic growth, improve financial services, and enhance collaboration. It warns against the risk of innovation shifting overseas if the United States does not embrace and support the development of these technologies. The resolution advocates for the U.S. to become a global leader in digital asset development and calls for Congress to enact a functional, tailored regulatory framework that accommodates the unique benefits and risks of the digital asset ecosystem while also incorporating investor protections.

Date Introduced:

2025-02-05

Status:

Introduced and Sponsored

Stance on Crypto:

Very Pro-Crypto

Links:

  • https://www.congress.gov/119/bills/hres111/BILLS-119hres111ih.pdf
  • https://www.congress.gov/bill/119th-congress/house-resolution/111
  • https://www.govtrack.us/congress/bills/119/hres111

Primary Commentary:
Add Bill Commentary

The bill is a declarative statement of support for the crypto industry, emphasizing its potential for innovation, economic growth, and improved financial services. It identifies key pro-crypto themes such as enabling creator control, enhancing transparency, and reducing transaction costs. Crucially, the resolution highlights the risk of innovation shifting outside the United States due to a lack of clear frameworks, and calls for the US to be a global leader in digital asset development. The call for a "functional framework tailored to the specific risks of different digital asset-related activities and unique benefits" and for a framework that is "consistent with longstanding investor protections...yet tailored to the unique benefits and risks of the digital asset ecosystem" is a strong signal for enabling regulatory clarity, which is a significant pro-crypto stance. Additionally, the resolution positively reframes the illicit use of digital assets by stating they provide law enforcement with an "exceptional tracing tool," countering common anti-crypto narratives. The overall tone is overwhelmingly positive and forward-looking, seeking to foster, rather than restrict, the industry.

Congress members who support this bill

Sponsors

Profile picture of Dusty Johnson
Dusty Johnson

Cosponsors

Democrats

Profile picture of Ritchie Torres
Ritchie Torres
Profile picture of Don Davis
Don Davis

Republicans

Profile picture of Bryan Steil
Bryan Steil

Additional Commentary

No additional commentary for this bill yet