The US Senate is likely on track to get a new resolution that will help get Bitcoin accepted (quotation BTC) on Capitol Hill. The new initiative, called ACCEPT Resolution, was introduced by Senator Ted Cruz and stands for Adopting Cryptocurrency in Congress as an Exchange of Payment for Transactions Resolution.
Even gift shops would accept cryptocurrencies!
If the resolution becomes law, it would pave the way for Capitol Hill vending machines and food vendors to accept Bitcoin as a means of payment. The government will also be able to enter into contracts with food vendors who are more supportive of digital currencies. Because the resolution isn't necessarily a real bill, its impact, if adopted, will have no influence outside Capitol Hill. The resolution reads:
A concurrent resolution requiring the Architect of the Capitol, the Secretary of the Senate, and the Chief Executive Officer of the House of Representatives to contract food service contractors and vending machines for the Capitol complex that accept cryptocurrencies, and for other purposes.
The concurrent resolution has a number of gray areas. While it is generally known that Bitcoin is the most popular digital currency and the proposal could be more specifically tied to it, the resolution did not specifically state which digital currency it will support and which it will not.
As specified in the resolution, if the resolution passes, other sellers on the Capitol, including gift shops, will also be able to accept payments in cryptocurrencies, extending the overall usefulness of the nascent asset class to lawmakers.
The Imbalance of Bitcoin and Cryptocurrencies in the US Senate
The United States is a country where the position of Bitcoin and cryptocurrencies is highly controversial. While there are several regulators claiming oversight of this emerging industry, there is no specific or global regulation that drives the cryptocurrency ecosystem.
Capitol Hill lawmakers are even more divided on the topic of cryptocurrencies. While some senators, including Ted Cruz and Cynthia Lummis, are supportive of cryptocurrencies, others, like Elizabeth Warren, are critical of digital currencies and the industry in general.
While the primary focus of the Concurrent Resolution remains largely unknown, the move could be helpful in giving members of the US Senate a first-hand understanding of the operating model of these fledgling asset classes. This way, they will be well equipped in terms of knowledge of what is needed to expand the regulatory possibility for the industry as a whole.
The attempt to regulate Bitcoin and cryptocurrencies by the US Senate and House of Representatives has been a very volatile topic. The industry went wild when the government wanted to tax all virtual asset service providers (VASPs) to fund the $1.000 trillion infrastructure bill introduced by President Joe Biden upon taking office.
Some terms of the bill had to be changed after much discussion to exclude some VASPs, such as cryptocurrency miners, whose involvement in the space doesn't focus on direct customer interactions.