Why U.S. Congress Won't Pass Crypto Bills Anytime Soon

According to Jake Chervinsky, a government enforcement defense and securities litigation attorney at Kobre & Kim LLP, as of now, the U.S. Congress will not be passing a crypto bill in the foreseeable future.

I don't expect any big movement from Congress any time soon.

Inaction from the US Congress and the federal government is not necessarily negative.

It simply means that as Chervinsky explained, there is not enough money in the space to form lobbying infrastructure to get the Congress to pass legislation.

The US cryptocurrency exchange market is already well regulated.

Major trading platforms such as Coinbase and Gemini are widely acknowledged as compliance-focused cryptocurrency businesses that direct their efforts towards bringing regulatory certainty into the global cryptocurrency market.

The recent efforts of Coinbase to integrate more tokens and alternative cryptocurrencies into its platform under full compliance with local regulations and the US Securities and Exchange Commission demonstrate the intent of the US government to properly regulate the space to reduce the likelihood of criminals utilizing the market to funnel illicit funds.

The approval of a piece of cryptocurrency and blockchain-related legislation to solidify existing federal and state-level regulatory frameworks surrounding the emerging asset class could have a positive impact on the market's long-term growth.

There already exists sufficient regulations and clarity regarding cryptocurrencies in the US market.

On Sept. 28, Ripple formed a coalition of fintech startups and blockchain projects to convince the Congress to pass the country's first cryptocurrency legislation.