Rep. Patrick McHenryChairman of the House Financial Services Committee, has announced a series of joint hearings in May focused on addressing the market structure around digital assets in the United States.
The measure was revealed in a joint announcement on April 27 by McHenry and Rep. Glenn Thompson, chairman of the House Agriculture Committee; Representative French Hill, Chair of the Digital Assets, Financial Technology and Inclusion Subcommittee; and Dusty Johnson, Chairman of the Subcommittee on Commodity Markets, Digital Assets and Rural Development.
“Our committees are embarking on a Unprecedented joint effort to pass and sign into law clear rules for the digital asset ecosystem. We must find the Right balance to protect consumers without stifling responsible innovation“reads the joint statement.
Speaking as part of a panel with pro-crypto Senator Cynthia Lummis during the Consensus 2023 event on April 28, McHenry added more context to the upcoming hearings:
“We’re going to hold joint hearings when we come back in May. This is going to be the first time we’ve had a holistic view for a House committee hearing around regulation, our market structure around digital assets, and a holistic view of it.
“What we plan to do in the next two months is introduce a bill that addresses the issue of raising capital for digital assets, to how a product can move from a securities regime to a commodity regime while preserving our rights around the products that cannot be classified either in a securities regime or in a commodity regime“, he added.
McHenry also noted that hearings are aimed at establish a bill that provides regulatory clarity to the cryptocurrency sectorjoining work on a bipartisan bill led by Lummis and Sen. Kirsten Gillibrand.
@PatrickMcHenry said US House Will Have Crypto Bill in 2 Months. pic.twitter.com/e06Sx9ec2H
— John Montague (“The ETH Lawyer”) (@0xethlaw) April 28, 2023
@PatrickMcHenry said that the US House of Representatives will have a cryptocurrency bill in 2 months.
The Responsible Financial Innovation Act or Law of Responsible Financial Innovationalso known as the Lummis-Gillibrand bill, was initially introduced in the United States Senate in June 2022, and addresses the jurisdiction of the Securities and Exchange Commission (SECfor its acronym in English) and the Commodity Futures Trading Commission (CFTCfor its acronym in English), stablecoin regulation and crypto taxation, among other issues.
The sweeping bill has suffered delays, likely due to its complexity for senators not versed in cryptocurrency.. Lummis and Gillibrand have since reviewed the bill and are expected to publish the next draft soon.
“This is the work that Senator Lummis and Senator Gillibrand have done in the Senate, but this is going to be our attempt in the House. [de Representantes]”, said.
Commenting on the revised bill, Lummis suggested that this iteration will likely have additional focus on “national security interests” such as cyber security..
“Some of the people I talk to who are still very skeptical about digital assets are concerned that cybercrime is not adequately addressed in our bill. So I think that you will see a stronger aspect of cybercrime in our bill. I think you’ll see some provisions that require some registration […] so that companies are properly regulated and investigated,” he said.
In my estimation, the reason so many young Americans are into #Bitcoin is because it is #soundmoney. The federal govt’s blank check spending habit, coupled with the complete erosion of the gold standard and the development of the internet, led us here. Inevitable.
— Cynthia Lummis (@CynthiaMLummis) April 25, 2023
In my opinion, the reason so many young Americans are into #Bitcoin is because it’s sound money. The habit of spending blank checks from the federal government, along with the complete erosion of the gold standard and the development of the Internet, has led us here. Inevitable.
Magazine: Crypto Regulation: Does SEC Chairman Gary Gensler Have the Final Say?
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