US Congressman Ron Wyden: Cryptocurrency legislation will take time, but momentum will continue

Senator Ron Wyden of Oregon told CoinDesk's Consensus 2024 conference that while cryptocurrency legislation won't move quickly, momentum in Washington will continue next year. The Financial Innovation and Technology for the 21st Century Act (FIT21), pushed by Rep. Patrick McHenry, recently passed the House of Representatives with some Democratic support and is now before the Senate. Wyden believes that the establishment of the bill is crucial to the fight against fraud.
As chairperson of the Senate Finance Committee, Wyden is one of 11 Democrats who have worked with Republicans to try to overturn the Securities Exchange Commission's (SEC) accounting policy on cryptocurrencies (SAB 121). President Biden has threatened to veto it despite Congress having passed the overturn resolution. Wyden stressed that there should be no unique barriers to cryptocurrency custody and expressed support for stablecoins and blockchain technology innovation.
Wyden pointed out that Congress often struggles with new technologies, but cryptocurrencies are a good campaign topic for this year's congressional elections, attracting an increasing number of young, creative people.