TechFlow reports that a U.S. congressional committee plans to debate and possibly advance two new digital asset bills during the second week of July. House Financial Services Committee Chairman Patrick McHenry said he intends to convene a meeting to discuss, amend, and potentially move forward a new legislative proposal. The bill aims to provide a clearer pathway for digital assets to transition from securities to commodities, and includes other market structure provisions with reduced reporting and regulatory requirements. McHenry and House Agriculture Committee Republican Chair Glenn 'GT' Thompson drafted the legislation, though it still requires support from Senate Democrats and President Joe Biden's signature to become law. Additionally, the committee will debate a separate bill to establish a comprehensive regulatory framework for stablecoins, primarily authored by McHenry and Republican Representative French Hill.
The July meetings will allow committee members to propose amendments, with the final version determined by a vote within the panel on whether to advance the bills. If advanced by the committee, the bills would then be sent to the full House of Representatives for a floor vote. McHenry announced the scheduling during his routine regulatory hearing with Federal Reserve Chair Jerome Powell on Wednesday.
