The US House Committee is deliberating on transitioning digital assets from securities to commodities, alongside separate legislation aimed at creating a comprehensive regulatory framework for stablecoins.
The nation strives for balanced crypto innovation and consumer protection as it navigates the dynamic landscape of cryptocurrencies.
In a significant July vote, the US House Financial Services Committee, led by Chair Patrick McHenry, will determine the fate of crucial legislation that could shape the future of digital assets, including cryptocurrencies and stablecoins.
U.S. House committee to vote on crypto, stablecoin legislation in July https://t.co/WtpcTxX2GY
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The committee aims to establish a clear path for digital assets to shift from securities to commodities, reducing reporting and regulatory burdens, and unlocking new opportunities for the thriving crypto market.
Reports indicate that Republican Representative Patrick McHenry, along with Glenn ‘GT’ Thompson, has played a crucial role in drafting legislation, necessitating support from Senate Democrats and President Joe Biden’s signature to become law.
McHenry, from North Carolina, has announced a regular oversight hearing with Federal Reserve Chair Jerome Powell, emphasizing the bipartisan nature of the efforts.
Establishing Stablecoin Regulation Structure:
Arkansas Republican, French Hill, leads the effort to establish a regulatory framework for stablecoins, with significant input from McHenry, as the committee deliberates on enhancing clarity and security for this popular sector of the crypto market.
During the July session, committee members will have the opportunity to propose amendments to the bills. Afterward, a decisive up or down vote will determine their progression within the panel. If successful, the bills will move forward for consideration in the full House of Representatives.
The legislative efforts in July highlight the US government’s response to the rapidly evolving crypto industry. These proposed laws are crucial for establishing a regulatory environment that fosters innovation while prioritizing consumer protection in the dynamic realm of digital assets.
Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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