# Why Onchain Builders Must Engage in Policy for U.S. Blockchain Adoption: Understanding the U.S. Cryptocurrency Regulatory Landscape (Part 2)

> Navigating the Maze: Engaging with Congressional Committees on Cryptocurrency Regulation

**Published by:** [BUIDLER.xyz](https://buidler.xyz/)
**Published on:** 2024-11-09
**Categories:** crypto, policy, washingtondc
**URL:** https://buidler.xyz/why-onchain-builders-must-engage-in-policy-for-us-blockchain-adoption-understanding-the-us-cryptocurrency-regulatory-landscape-part-2

## Content

Would you rather listen to this article? You can now listen on AudiusPart 2: Understanding the U.S. Cryptocurrency Regulatory LandscapeA Brief Civics Refresher For any bill to become law, it must pass both chambers of Congress - the House of Representatives (435 voting members based on state population) and the Senate (100 members, two per state). Both chambers often work on parallel versions of similar bills, which must be reconciled through a conference committee before reaching the President's desk. This two-chamber system means crypto legislation typically needs support from relevant committees in both chambers to advance. Key Congressional Committees While Congress maintains numerous committees, cryptocurrency and blockchain oversight currently falls under eight key committees:House Committee'sHouse Financial Services CommitteeOversight of SEC, Federal Reserve, Treasury, FDIC, and OCCFocus on financial issues that pertain to the economy, banking systems, payment, housing finance, insurance, securities markets and exchanges, monetary policy, and efforts to combat terrorist financing.Key role in crypto market structure and stablecoin regulationHouse Agriculture CommitteeOversight of CFTC which oversees commodity futures and other derivativesFocus on policies, statutes, and markets relating to both agriculture issue, such as rural development and energy, as well as commodity, currency, and derivative markets and commodity and derivative exchanges. They have a sub committee called "commodity markets, digital assets, and rural development."Significant influence over crypto policy due to commodity classificationMay oversee “spot” trading for most digital assets if granted by CongressHouse Energy & Commerce CommitteeOversight of FTC and Department of CommerceFocus on commerce, telecom, and technology – including over blockchain networks themselves, issues around energy usage, “practical” nonfinancial applications of NFTs, and blockchain supply chain trackingHouse Ways and Means CommitteeOversight of IRS Focus on taxation, tariffs, and revenue-raising measures, including over crypto being treated as property, tax treatments of crypto transactions, mining, staking, and other crypto related activities like international tax implicationsSenate Committeee'sSenate Banking, Housing, and Urban Affairs CommitteeOversight of SEC, Federal Reserve, Treasury, FDIC, and OCCFocus on financial issues that pertain to the economy, banking systems, payment, housing finance, insurance, securities markets and exchanges, monetary policy, efforts to combat terrorist financing, financial markets, international trade and finance, economic policies.National security matters related to financial sanctionsSenate Agriculture, Nutrition, and Forestry CommitteeOversight of CFTC which oversees commodity futures and other derivatives and “spot” trading.Focus on policies, statutes, and markets relating to both agriculture issue, such as rural development and energy, as well as commodity, currency, and derivative markets and commodity and derivative exchanges, and commodity markets, commodity derivatives, and trading intermediaries. May oversee “spot” trading for most digital assets if granted by CongressKey role in crypto derivatives and futures marketsSenate Commerce CommitteeOversight of FTC and Department of CommerceFocus on commerce, telecom, and technology – including over blockchain networks themselves, issues around energy usage, “practical” non-financial applications of NFTs, and blockchain supply chain trackingSenate Finance CommitteeOversight of IRS Focus on taxation and the Internal Revenue Code, trade, tariffs, social security, medicare and other programs, national debt, and revenue-raising measures, including over crypto being treated as property, tax treatments of crypto transactions, mining, staking, and other crypto related activities like international tax implicationsKey Federal Regulatory Agencies:Securities and Exchange Commission (SEC) Commodity Futures Trading Commission (CFTC) Financial Crimes Enforcement Network (FinCEN) Department of Justice (DOJ)Internal Revenue Service (IRS) Office of Foreign Assets Control (OFAC) Office of the Comptroller of Currency (OCC) Now that we understand the complex web of agencies and legislative bodies shaping crypto policy, the question becomes: how do we effectively engage with congressional members?Next Section: How Builders Can Navigate Policy Engagement (Part 3)Table of ContentsIntroductionPart 1: Why Engage NowPart 2: Understanding the U.S. Cryptocurrency Regulatory LandscapePart 3: How Builders Can Navigate Policy Engagement

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