The Fair Taxation of Digital Assets in Puerto Rico Act will likely face low chances of success if Republicans oppose it in Congress

Quotes that support claims

It’s unclear whether the legislation proposed by Rep. Velazquez, a Democrat, would have enough political support to pass in the Republican-controlled House or Senate. Both chambers will likely consider floor votes for stablecoin legislation and a crypto regulatory framework in the coming months.

Democratic lawmakers on Monday introduced a bill to block investors from using Puerto Rico as a cryptocurrency tax haven — a proposal unlikely to advance without Republican support and as Congress prioritizes extending the 2017 tax cuts.