US Senator Says No Crypto Legislation Currently In the Pipeline

Jim Himes, who is the US Senator from Congress says that currently there is no crypto legislation in the pipeline nor he wishes to pass any such law for the time being. It is too early to debate on something which can be dealt with in the later years, says Himes.

A news, which would definitely cheer the global crypto community, has come under the limelight when a US lawmaker has made a public statement.

Jim Himes who is a Senator elected from the US Congress Party has said that there is no crypto legislation in the US in the meantime. He told categorically that he is not willing to pass any such legislation as there is no hurry. This is a matter which can be thoughtfully debated and considered when the right time will come. For sure these are not the times when somebody would need to focus on crypto legislation, said Himes.

Himes said this when he was invited by the team of journalists from Yahoo Finance last week. Apart from being a lawmaker, Himes is also the Chairman of the National Security Committee for Monetary Policy. Previously, before becoming the US lawmaker, he had devoted 12 years to a top US investment-cum-banking namely Goldman Sachs.

His remarks came soon after the issuance of the Treasury proposal meant for the organizations. Through the proposal, US entities are required to submit data to the IRS of their crypto-related transactions. He apprised that no member of Congress is presently in favor of passing any crypto legislation. There are two reasons for that firstly they lack the knowledge and understanding of crypto, said Himes. Secondly, the lawmakers have not spent a reasonable time on the issue of crypto legislation. He suggested that whenever crypto legislation will be passed, it shouldn’t be passed in a hasty manner.

He then suggested that but of course, his colleagues are devoting time to understand crypto in a better sense. Lawmakers like Cynthia Lummis can be very helpful in assisting the Senator colleagues, said Himes. He stated that Lummis has also assured him that she will be able to convince Janet Yellen that crypto is an alternate source of storing value.

Himes further went on to state that he along with his colleagues would very much like to learn more about cryptocurrencies. However, he said that they would prefer to learn new things and the benefits of crypto. He said that he is already well aware that crypto is used as a tool for money laundering, for funding terrorism, drug dealing, etc. But he definitely would listen to what particular benefits crypto usage provides.

He then clarified his perspective regarding crypto and said that don’t take my remark in the opposite way. He explained that neither he nor anyone from the US Government will try to ban crypto altogether.