Based on previous comments, Pete Sessions has indicated they are very pro-cryptocurrency. Below you can view the tweets, quotes, and other commentary Pete Sessions 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.
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 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.
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.
Took stances on a bill between 2023-09-12T00:00:00.000Z and 2024-05-23T00:00:00.000Z
Bill Name
CBDC Anti-Surveillance State Act
Details
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.