The National Congress remains favorable to the crypto market, despite the “Bitcoin Law” rapporteur not being reelected

the agenda of regulation in cryptocurrencies and brokerage firms is something that has been around Congress since 2015, with the first bill proposed by deputy Aureo Ribeiro (SD-RJ), PL 4401/2021 (previously classified as PL 2303/2015) – currently awaiting a vote in the revisional House.

However, the agenda only gained more strength in Congress this year, with the vote on this same Bill, and deeper discussions on the subject due to the arrival of national and foreign brokers in Brazilian soil.

After general elections this year, there were changes in the seats of Congress, and the natural doubt of investors in this market is whether the public power would be more, or less, in favor of the cryptocurrency market.

In theory, the scenario is more liberal in the economy. most in Chamber is affiliated with the Liberal Party (PL), with 99 elected deputies, in addition to 13 senators – also a majority in the Senate.

In the Senate, the second party with the most seats is União Brasil. In the Chamber, it is the third party with the most representatives, a total of 59, behind the Partido dos Trabalhadores (PT) which occupies the second place with 68.

The presidential candidate Soraya Thronicke, affiliated with them, was the drafter of Bill No. 4207, of 2020, which deals with the regulation of crypto exchanges in Brazil.

See how the configuration of the Chamber of Deputies was

Is Congress a “Cryptobroken”?

Discussion about the congressional consensus on the matter got hotter after the news that the rapporteur of the cryptocurrency bill in the Chamber of Deputies, Expedito Netto (PSD-RO), had not been re-elected.

Despite this, the scenario is positive for Julien Dutra, Director of Government Relations at Bitcoin Market, crypto exchange national, born in Brazil.

As he says, the post-election scenario for the cryptoeconomy shows that there is still a lot to be done and discussed together with the government.

Dutra comments that now is an excellent time to be with the regulators, teaching them more about the potential of this new technology.

“Crypto is still a sector that needs a lot of light so that everyone can understand its ability to launch new businesses, especially in innovation and entrepreneurship,” he says.

For him, in the post-election scenario, thinking about the congress, there are many people who stayed and, in addition to having already debated on the subject, want to continue “receiving good information from the market”.

One of the re-elected that Dutra may be referring to is Aureo Ribeiro himself (SD-RJ) who was the first to propose the bill that regulates brokerage firms crypto in Brazil. The deputy was reelected by Rio de Janeiro.

Regarding the new participants of the Congress, Dutra says that he has a ‘footprint’ of technology, and that “they are young”.

“I believe that we have a huge potential to continue helping this ‘class’ to understand, develop the cryptoeconomy and mainly value the pillars and values ​​that we have in our business entities in the sector, especially ABFintechs, ABCripto, Brascom and Zetta”, he comments.

The Bitcoin Market Government Relations Director reinforces that, for the national brokerage, the vision is positive. “We don’t see [o pós-eleições] as a prohibitive feature, but rather a feature that facilitates debate.”

“Even because we have already evolved a lot since the crypto issue entered the National Congress agenda. All players will be very involved, whether bodies of the federal executive or the National Congress itself”, he concludes.

Despite the changes, the “old” Congress can still advance the market

The changes in Congress do not affect the crypto assets bill that is underway in the Chamber, according to Karen Duque, Head of Public Policy at Bitso – a Mexican brokerage that came to Brazil.

“The end of the legislature of the current composition of the Chamber of Deputies is in December 2022 and, as the bill 4401 of 2021 is very advanced, the parliament has enough time to pass it later this year”, he explains. .

As he says, the market has debated a lot about the need for approval of the Bill and this political movement remains necessary given the urgency and lack of a regulatory framework for the cryptoeconomy in Brazil and the investment generation potential that the sector brings to the market. the national economy.

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