Does Gus Bilirakis Support Crypto?

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GENIUS Act

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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.

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Final Passage Out Of House

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CLARITY Act

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The "Digital Asset Market Clarity Act of 2025," or "CLARITY Act of 2025," establishes a regulatory framework for digital commodities, granting the CFTC exclusive jurisdiction over spot market transactions and related entities like exchanges, brokers, and dealers. It aims to differentiate digital commodities from securities, introduce a "mature blockchain system" concept for regulatory exemptions, and protect individual self-custody rights.

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Final Passage Out Of House

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H.J. Res 25

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A joint resolution 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".

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Final Passage Out Of House

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CBDC Anti-Surveillance State Act

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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.

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FIT21

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This bill establishes a comprehensive regulatory framework for digital assets, assigning primary jurisdiction over "digital commodities" to the CFTC and "restricted digital assets" to the SEC. It defines key terms like "digital asset," "digital commodity," and "permitted payment stablecoin," and creates a mechanism for digital assets to transition from securities to commodities upon achieving sufficient decentralization. The legislation also outlines registration requirements for various digital asset intermediaries and mandates studies on decentralized finance and non-fungible digital assets.

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Final Passage Out Of House

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SAB 121 House Joint Resolution

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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.

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Final Passage Out Of House

Quoted from bilirakis.house.gov · 2023-07-28

Representative Gus Bilirakis (R-FL) and Jan Schakowsky (D-IL), who serve as Chairman and Ranking Member of the Innovation, Data, and Commerce Subcommittee, sent a letter to Apple CEO Tim Cook inquiring about the company’s App Store Guidelines and sharing concerns about how the tech giant may be using those guidelines to restrict emerging technologies like blockchains, nonfungible tokens (NFTs), and other distributed ledger technologies.