2025: Schweikert Voted To Disapprove An IRS Rule That Established Reporting Requirements For Digital Asset Proceeds. In March 205, Schweikert voted for , "the bill that would provide for Congressional disapproval of, and nullify, a December 2024 IRS rule related to gross proceeds reporting by brokers involved in digital asset sales. The rule imposed reporting requirements, beginning in 2027, on non-custodial barkers who participate in the decentralized digital asset market. It also required brokers to file information returns and provide payee statements reporting gross proceeds from certain digital asset sales and transactions." The vote was on passage. The House passed the bill by a vote of 292 to 132. [House Vote 71, 3/11/25; Congressional Quarterly, 3/11/25; Congressional Actions, H.J. Res. 25]
2024: Schweikert Voted To Establish A Regulatory Framework For Determining Jurisdiction Of Digital Assets. In May 2024, Schweikert voted for , according to Congressional Quarterly, "the bill, as amended, that would establish a federal regulatory framework for determining when the Securities and Exchange Commission or the Commodity Futures Trading Commission has jurisdiction over a digital asset, and it would create a process for the regulation of a digital asset to move from the SEC to the CFTC. Specifically, a digital asset would be subject to SEC regulation if it is linked to a blockchain system that is not decentralized (to be known as a 'restricted digital asset'), while digital assets linked to blockchains on decentralized networks would be subject to CFTC regulation (and be known as 'digital commodities'). The measure would provide a process for a blockchain system to become certified by the SEC as decentralized, at which point the blockchain system, its market and intermediaries, and associated digital assets would come under the jurisdiction of the CFTC. It would establish registration requirements for intermediaries in digital markets under both the SEC and the CFTC, generally setting requirements comparable to those already in place under current law and regulation. It also would require the SEC and CFTC to undertake rulemakings (including joint rulemakings) to implement the bill's requirements. It also would require the agency to collect fees from market entities to fund the CFTC's new responsibilities for overseeing the digital commodities market. As amended, it would apply a bank secrecy law to digital asset and digital commodity entities. It also would require the Government Accountability Office and the Treasury Department to submit various reports to Congress." The vote was on passage. The House passed the bill by a vote of 279 to 136. [House Vote 226, 5/22/24; Congressional Quarterly, 5/22/24; Congressional Actions, H.R. 4763]
Republican Supporters Of The Bill Stated Comprehensive Regulations Would Encourage The Cryptocurrency Industry And Protect Consumers While Democrat Opponents Stated That The Existing Regulations Work. According to Congressional Quarterly, "McHenry and other Republicans say creating a comprehensive regulatory regime for cryptocurrency and its markets will encourage the industry and protect consumers. Democrats who oppose the bill say the existing system is working and the measure would create a legal framework that undermines a decades-long test for defining securities." [Congressional Quarterly, 5/21/24]
Democrat Opponents Of The Bill Had Concerns That Investors Would Not Have Adequate Protections Under The Measure And That Certain Securities Would Go Unregulated. According to Congressional Quarterly, "House Democrats supporting the bill (HR 4763) broke with colleagues who say they're concerned investors won't be protected if the bill's provisions to hand much of digital asset oversight to the nation's commodities regulator become law. House Financial Services ranking member Maxine Waters, D-Calif. issued a lengthy warning, saying language was added to the bill after it was marked up that would allow some traditional securities to exist in a 'regulatory no-man's-land.'" [Congressional Quarterly, 6/4/24]
2024: Schweikert Voted To Prohibit Regulation Of Spot Markets. In May 2024, Schweikert voted for , according to Congressional Quarterly, "amendment no. 4 that would express the sense of Congress that nothing in the bill should be interpreted to authorize any entity to regulate any commodity, other than a digital commodity, on any spot market." The vote was on the amendment. The underlying legislation established a system of regulation of digital assets. The House adopted the amendment by a vote of 225 to 191. [House Vote 225, 5/22/24; Congressional Quarterly, 5/22/24; Congressional Actions, H.Amdt.922; Congressional Actions, H.R. 4763]