Does Shomari Figures Support Crypto?

Bill

Promoting Innovation in Blockchain Development Act

Details

This legislation amends the federal criminal statute governing unlicensed money transmitting businesses to require that an entity must actually exercise control over funds to face prosecution. By narrowing the definition of money transmission to custodial activities, the bill exempts non-custodial blockchain developers, self-custody wallet providers, node operators, and decentralized finance protocols from criminal liability for unlicensed money transmission, protecting fundamental software innovation.

Bill

CLARITY Act

Details

The "Digital Asset Market Clarity Act of 2025," or "CLARITY Act of 2025," establishes a regulatory framework for digital commodities, granting the CFTC exclusive jurisdiction over spot market transactions and related entities like exchanges, brokers, and dealers. It aims to differentiate digital commodities from securities, introduce a "mature blockchain system" concept for regulatory exemptions, and protect individual self-custody rights.

Vote

Final Passage Out Of House

Bill

GENIUS Act

Details

The GENIUS Act of 2025 proposes a regulatory framework for payment stablecoins. It defines permitted issuers (insured depository institutions, their subsidiaries, and approved nonbank entities) and mandates 1:1 reserve backing with specific high-quality assets. The bill outlines federal and state regulatory oversight options, sets requirements for customer asset segregation, and grants stablecoin holders priority in insolvency proceedings. It also clarifies that regulated payment stablecoins are not considered securities or commodities under various acts. The bill designates issuers as financial institutions under the Bank Secrecy Act, requiring compliance with AML, KYC, and sanctions regulations to prevent illicit finance and safeguard national security. It also reinforces U.S. leadership in digital finance by supporting innovation and ensuring the dollar remains competitive in a rapidly evolving global financial landscape.

Vote

Final Passage Out Of House

Bill

H.J. Res 25

Details

A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales".

Vote

Final Passage Out Of House

Quoted from alreporter.com · 2024-07-29

Shomari Figures, the Democratic nominee for Alabama’s recently redrawn 2nd Congressional District, signed onto a joint letter to the Democratic National Committee and Vice President Kamala Harris on Friday.

Signed by fourteen Democratic members of Congress and thirteen fellow candidates, the letter asks the DNC to “take a forward-looking approach to digital assets and blockchain technology.”

Specifically, it calls to: “include pro-digital language in the party’s platform,” “select a vice-presidential candidate sophisticated in digital asset policy,” “select a pro-innovation SEC chair,” and “engage with industry experts.”

The letter also criticizes the “current SEC’s approach to these transformative technologies” and claims swing voters will consider the parties’ crypto policy this November.

Quoted from politico.com · 2024-03-05

Shomari Figures is supported by pro-crypto PACs like Protect Progress, which is funded by major digital currency firms and leaders.

Quoted from figuresforcongress.com · 2024-03-01

Shomari Figures' campaign website highlights a specific focus within the "Opportunities and Economy" section under "On the Issues":

Embracing the evolving digital asset landscape, including cryptocurrencies, to foster innovation and technological progress. It aims to ensure that as blockchain technology advances, its applications benefit our District, particularly in supply chain management, healthcare, and identity verification.