US Lawmakers to Vote on Cryptocurrency Bill in Coming Weeks

Crypto firms have been clamouring for such clarity from the US Congress.

By Reuters | Updated: 14 June 2023 13:40 IST

US Lawmakers to Vote on Cryptocurrency Bill in Coming Weeks

Photo Credit: Reuters

US SEC argues major crypto products are securities that must be registered

Highlights

Patrick McHenry is the chairman of the House Financial Services Committee
A discussion draft was put forward earlier this month by McHenry, others
Democrats on the panel say they are considering the measure

A key House Republican lawmaker said Tuesday that he intends to hold a committee vote on a comprehensive bill to establish a regulatory framework for cryptocurrency products in the coming weeks.

Representative Patrick McHenry, chairman of the House Financial Services Committee, said he expects to put a bill forward for the panel to consider after lawmakers return to work on July 11.

"I intend for this committee to mark up some form of this legislation when we return from the July 4 recess," he said at a hearing Tuesday.

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McHenry has been leading an effort by some Republicans in Congress to pass a bill establishing clear rules for the crypto industry. A discussion draft put forward earlier this month by McHenry and others would clarify responsibilities for overseeing crypto products by regulators and would give a pathway for crypto companies and exchanges to register with those agencies.

Crypto firms have been clamouring for such clarity from Congress, particularly as the Securities and Exchange Commission has taken a harder line, arguing most major crypto products are securities that must be registered and suing major exchanges.

But the prospects for the draft measure remain unclear. Democrats on the panel say they are considering the measure but have concerns. Representative Maxine Waters, the top Democrat on the committee, said Tuesday she worried that allowing crypto exchanges to receive provisional registration could enable bad actors.

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And in the Senate, which must also pass any crypto legislation, key lawmakers like Senators Sherrod Brown and Elizabeth Warren have expressed even more scepticism about crypto products.

© Thomson Reuters 2023

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