Crypto regulation must go through Congress for lasting change — Wiley Nickel

Crypto regulations must be enacted through an act of Congress to become permanent and meaningful pieces of legislation, according to former Congressman Wiley Nickel.

In an exclusive video interview with Cointelegraph's Turner Wright, Nickel urged  bipartisan collaboration  to push through comprehensive crypto regulations. The former Congressman added:

"I think it's really important for anybody who cares about this issue to step back and realize that if you want lasting change in Washington, you must move legislation through Congress. Otherwise, if you're talking about executive orders, it will just go back and forth.”

“You don’t want to have the mess that we saw just months ago with Gary Gensler’s SEC — you need to get legislation through Congress,” Nickel reiterated.

President Trump’s Jan. 23 executive order  establishing the Working Group on Digital Assets , which also prohibited the development of a central bank digital currency (CBDC), and the order  establishing a Bitcoin strategic reserve  alongside a separate crypto stockpile, were both examples of executive actions that can be reversed at a later date.

Both chambers of Congress rush to push through meaningful legislation

Rep. Tom Emmer, the majority whip of the United States House of Representatives, reintroduced legislation  banning a CBDC in the US  on March 6.

Wyoming Senator Cynthia Lummis also  reintroduced the Bitcoin Act  in March, which builds upon an earlier bill of the same title but allows the US to purchase more than 1 million Bitcoin 

Rep. Byron Donalds recently announced that he would draft legislation to  codify the Bitcoin strategic reserve  into law — shielding President Trump’s original executive order from being overturned by a future administration.

On March 12, the House of Representatives  repealed the IRS broker rule  requiring decentralized finance platforms to report information to the Internal Revenue Service in a 292-131 vote.

Speaking at this year’s Blockworks Digital Asset Summit, Democrat Rep. Ro Khanna said that Congress should be able to  pass comprehensive crypto regulation  in 2025, including a stablecoin bill and a market structure bill.