The U.S. House Financial Services Committee and House Agriculture Committee are gearing up to create cryptocurrency regulatory legislation in the "upcoming two months" following joint public hearings starting in May, according to Rep. Patrick McHenry (R–N.C.), the House Financial Services Committee's chairman.
What Happened: At CoinDesk's Consensus 2023 event, McHenry suggested the possibility of President Joe Biden signing a relevant bill within a year, but he acknowledged the inherent difficulties in legislating emerging technologies.
McHenry explained the proposed bill would tackle both securities and commodities challenges.
Meanwhile, Sen. Cynthia Lummis (R-Wyo.) expressed her eagerness to collaborate with McHenry on these efforts.
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Known as the Senate's "Crypto Queen," Lummis mentioned that a revamped version of the bipartisan "Responsible Financial Innovation Act" will be revealed in "six to eight weeks," featuring enhanced sections on national security and cybercrime.
Highlighting the uncertainty of bipartisan support for stablecoin legislation, Lummis emphasized the urgency of addressing crypto regulation prior to the 2024 election.
Why It Matters: In light of recent events such as the FTX crypto exchange crisis and the downturn in crypto banking, lawmakers are feeling pressure to establish clear legislative guidelines for the cryptocurrency industry.
In response to these concerns, McHenry underlined the need to resolve these problems and ensure secure banking opportunities in the cryptocurrency domain.
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