Legislation to regulate the cryptocurrency industry is being drafted by the House Agricultural Committee (HAC) and House Financial Services Committee (HFSC) of the United States. In six to eight weeks, following the joint public hearing beginning in May 2023, U.S. lawmakers may finally produce clear crypto regulations after months of obscurity. Rep. Partick McHenry (R-N.C.) is the chairman of the HFSC.
Representatives addressed the audience at the Consensus 2023 event. McHenry responded “Yes” when asked if there was a chance that President Joe Biden would sign the legislation. Along with current issues, the proposed bill will cover the full spectrum of the commodities and securities markets.
The Senate’s Crypto Queen, Senator Cynthia Lummis (R-Wyo), who was a panelist as well, expressed excitement about working with McHenry to coordinate efforts. She continued by saying that the House has a better chance than the Senate of passing the legislation, giving the House the upper hand in this situation. The chances in the Senate would significantly increase if the House took action first.
Lummis also said that “This is a bipartisan subject we need to address before the 2024 election.”
However, the US Congress has not yet produced comprehensive legislation for the cryptocurrency industry despite numerous bills making their way to Capitol Hill.
For a second attempt at introducing stablecoin legislation in April 2023, the Republicans on the HFSC worked to secure bipartisan support. However, it is still unclear whether the support will be provided or not. Additionally, the Republicans unveiled a discussion draft, which establishes a new foundation for talks with the Democrats.
The “Responsible Financial Innovation Act” was first presented by Lummis in 2022. This was developed in cooperation with Sen. Kirsten Gillibrand (D-N.Y.) and aimed at developing a regulatory framework for the sector. The new and improved version of the bill will be unveiled in six to eight weeks, the Crypto Queen told the audience at Consensus 2023. National security and cybercrime issues will be given more attention in the bill.
A bipartisan bill to study the use of cryptocurrencies for illegal activities like drug trafficking, funding terrorism, and money laundering was reintroduced on April 27, 2023, by Senators Kirsten Gillibrand and Ted Budd, along with Congressmen Zach Nunn and Jim Himes. Also, providing steps to counter such usage.