US crypto big shots are calling for more targeted legislation to block future regulatory attacks on the industry

input: US crypto big shots are calling for more targeted legislation to block future regulatory attacks on the industry. While President Donald Trump’s Executive Orders

The US crypto big shots are calling for more targeted legislation to block future regulatory attacks on the industry. While President Donald Trump’s Executive Orders have facilitated the industry’s release from years of militant regulation, industry experts think these efforts may not stand the test of time if proper legislation is not passed to consolidate them.

Trump Can Not Directly Authorize Crypto Purchase

With the several audacious EOs that have been issued by President Trump, it might be natural to conclude that he has the authority to order the purchase of Bitcoin and other crypto assets. However, crypto lawyer John Deaton bursts that bubble and makes it clear that such expectations are far-fetched.

“I’m a bit surprised at how many people think the President can authorize the purchases of BTC or any other crypto,” said Deaton.

He believes that Trump can issue an EO for agencies to remit any seized crypto to the Treasury to be reserved for the next 20 years, which a new President could revoke in the next four years and have all the crypto sold.

“But for a direct purchase of BTC, XRP, or any other token, congressional approval is required,” said Deaton.

The legal expert does not see any path toward a consensus to purchase crypto with public funds anytime soon, considering that Senator Lummis’ Bitcoin Bill is not close to passing as she admitted.

The President could also deploy his national security or emergency powers if he chooses to do so. He could justify an emergency Bitcoin purchase as a matter of national security under the Defense Production Act or he could go through the ESF (Exchange Stabilization Fund), which allows the Treasury’s purchase of foreign currencies and assets to bolster US dollar stability.

That said, Deaton notes that all these approaches “would be immediately challenged in court.” Instead of gunning for the Crypto Reserve, which he said “is not happening anytime soon,” he proposes meaningful reform and legislation covering stablecoins, market structure, centralized exchange oversight, tax, and Accredited Investor Rule reforms.

Legislation Will Block Potential Regulatory Tyranny Toward The Crypto Industry

Gemini Co-founder Cameron Winklevoss has called for a no-trust approach towards regulators to prevent any potential loophole that could lead to the type of crackdown the crypto space witnessed under Gary Gensler and his infamous alliance with anti-crypto Senator Elizabeth Warren.

“Any future crypto legislation must make it very hard to weaponize federal agencies against crypto. We need a firewall against federal regulatory attacks. This should be a major goal of any future legislation put forth.”

According to Winklevoss, if Warren could weaponize the SEC to attack crypto with enforcement actions, then “we should assume” that she will also try to infiltrate other agencies like the CFTC (Commodity Futures Trading Commission) to vest her malicious regulatory intent on crypto.

“Warren gave us an invaluable lesson in the abuse of power and tyranny that we must never forget.”

In conclusion, he urges the industry to operate with a “zero trust model” and tighten up legislation, assuming that agencies are already “infiltrated with Warrenites” and will be weaponized against the industry in the future.