Based on previous comments, Brad Sherman has indicated they are very anti-cryptocurrency. Below you can view the tweets, quotes, and other commentary Brad Sherman has made about crypto.
While the primary focus of this legislation is housing reform, Title XI directly addresses central bank digital currencies (CBDCs). It prohibits the Federal Reserve from issuing or creating a CBDC, or any substantially similar digital asset, either directly or indirectly through financial intermediaries. An exception is carved out for any dollar-denominated currency that is open, permissionless, and private, which preserves physical cash-like privacy protections. This restriction remains in effect until December 31, 2030, unless Congress explicitly authorizes a CBDC.
This legislation directs the establishment of an interagency task force to disrupt and dismantle Southeast Asian criminal syndicates running online scams, including pig butchering cryptocurrency fraud schemes. The task force is mandated to coordinate a whole-of-government strategy, share intelligence, and partner with private entities like cryptocurrency exchanges. It aims to block enabling infrastructure, rescue human trafficking victims forced into operating these scams, recover stolen crypto assets for American victims, and impose sanctions on designated foreign perpetrators and organizations.
This legislation establishes a comprehensive regulatory framework for digital assets, dividing jurisdiction between the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). It codifies a clear distinction between digital securities and digital commodities based on blockchain maturity. Additionally, the bill prohibits the Federal Reserve from issuing a retail central bank digital currency (CBDC), guarantees the individual right to self-custody via private wallets, and excludes decentralized finance (DeFi) activities and non-controlling software developers from money transmitter and intermediary registration requirements.
The GENIUS Act of 2025 proposes a regulatory framework for payment stablecoins. It defines permitted issuers (insured depository institutions, their subsidiaries, and approved nonbank entities) and mandates 1:1 reserve backing with specific high-quality assets. The bill outlines federal and state regulatory oversight options, sets requirements for customer asset segregation, and grants stablecoin holders priority in insolvency proceedings. It also clarifies that regulated payment stablecoins are not considered securities or commodities under various acts. The bill designates issuers as financial institutions under the Bank Secrecy Act, requiring compliance with AML, KYC, and sanctions regulations to prevent illicit finance and safeguard national security. It also reinforces U.S. leadership in digital finance by supporting innovation and ensuring the dollar remains competitive in a rapidly evolving global financial landscape.
This legislation prohibits high-ranking elected federal officials—including the President, Vice President, Members of Congress, and their immediate families—from issuing, sponsoring, promoting, or receiving compensation for digital assets. It bars these individuals from controlling digital asset issuers, trading based on non-public information, or participating in mining operations. The bill establishes criminal penalties for violations and includes strict anti-evasion rules covering trusts, decentralized protocols, and digital wallets to prevent indirect participation in crypto activities.
Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Internal Revenue Service relating to "Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales".
Details
This joint resolution utilizes the Congressional Review Act to formally disapprove and nullify the Internal Revenue Service rule on gross proceeds reporting for digital asset brokers. By nullifying this administrative rule, the resolution aims to prevent the implementation of expansive tax reporting mandates on entities facilitating cryptocurrency transactions. This would block the controversial broker definition from taking effect, protecting decentralized actors and self-custody wallets from unworkable compliance requirements.
To amend the Federal Reserve Act to prohibit the Federal Reserve banks from offering certain products or services directly to an individual, to prohibit the use of central bank digital currency for monetary policy, and for other purposes.
For congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Staff Accounting Bulletin No. 121".
This staff accounting bulletin expresses the views of the staff regarding the accounting for obligations to safeguard crypto-assets an entity holds for platform users.