Congress is taking notable steps in the realm of cryptocurrency regulation. David Sacks, the country's first crypto advocate, led a press conference emphasizing the importance of digital asset innovation in the US. A new bicameral crypto working group was formed by House and Senate leaders to address crypto issues. Additionally, Sen. Bill Hagerty proposed a stablecoin bill that mirrors previous proposals, focusing on reserve requirements and allowing non-banks to issue stablecoins, backed by some bipartisan support. During a recent Senate Banking Committee hearing on debanking, Chair Tim Scott and Ranking Member Elizabeth Warren highlighted the challenges of accessing banking services for individuals, pointing to over 11,000 complaints. The meeting showcased a divide in opinions on whether banks are acting on their own risk assessments or under federal pressure, with Warren supporting the Consumer Financial Protection Bureau's efforts against unfair debanking practices and Republicans alleging undue influence from federal agencies under the Biden administration. This multi-faceted discussion illustrates the complexities of crypto regulation and the varying perspectives from both sides of the aisle.

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