TechFlow reports that the U.S. House Committee on Financial Services will vote this week on several bills aimed at establishing a regulatory framework for cryptocurrency, marking a milestone in Congress’s efforts to codify federal regulations for the digital asset industry. The legislation under consideration includes a bill that would define when cryptocurrencies qualify as securities or commodities, and another that would establish a regulatory regime for stablecoins. This marks the first time crypto regulatory bills will be voted on in Congress, representing a victory for crypto lobbyists.
However, it remains to be seen whether these bills will gain support from Democrats, many of whom believe Democratic backing is crucial for the legislation to ultimately become law. The measures may also face obstacles in the Democrat-led Senate, where Banking Committee Chair Brown has expressed uncertainty about the need for additional legislation to regulate cryptocurrency.
Republican Chairman Patrick McHenry of the committee said his top priority is advancing a crypto market structure bill that would expand the Commodity Futures Trading Commission’s (CFTC) oversight of the crypto industry while clarifying the Securities and Exchange Commission’s (SEC) jurisdiction.
