Based on previous comments, Dick Durbin has indicated they are very anti-cryptocurrency. Below you can view the tweets, quotes, and other commentary Dick Durbin has made about crypto.
This legislation targets the energy consumption of data centers and cryptocurrency mining facilities by directing the Federal Energy Regulatory Commission (FERC) to establish specialized grid interconnection queues. It excludes cryptocurrency mining from definitions of "organic load growth," allowing grid operators to delay or deny their power connections to protect grid reliability and ratepayer costs. Additionally, the bill encourages states to create specific, higher-cost rate classes, impose upfront collateral requirements, and mandate strict clean-energy and labor standards for these energy-intensive operations.
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".
Details
This joint resolution uses the Congressional Review Act to invalidate an Internal Revenue Service rule regarding tax reporting for digital asset transactions. The targeted rule requires a wide range of platforms to report gross proceeds as brokers. By blocking this regulation, the resolution aims to prevent the imposition of expansive tax reporting mandates on decentralized protocols, software developers, and other crypto intermediaries.
This legislation establishes strict operational, registration, and compliance requirements for virtual currency kiosks. It mandates that operators register all kiosk locations and associated wallet addresses with FinCEN every 90 days, imposes transaction limits on new customers, requires physical receipts, and forces operators to implement live human verification for certain transactions and refund victims of fraudulent induction.
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.