US House subcommittee to vote on a cryptocurrency bill for regulation in upcoming weeks
Republicans and Democrats have been debating how to regulate cryptos, since the Securities and Exchange Commission claims that the majority of popular cryptos should be registered as securities.
Highlights
- Crypto companies are calling for Congress to clarify securities registration
- Democrats on the panel claim to be thinking about the proposal
- Senators have expressed even greater caution about crypto
A significant House Republican lawmaker announced on 13 June 2023, that he plans to schedule a committee vote on a comprehensive measure to provide a regulatory framework for cryptocurrency products in the coming weeks.
The House Financial Services Committee's chairman, Rep. Patrick McHenry, stated that once legislators return to work on 11 July 2023, he anticipates presenting a measure for the panel to review. At a hearing on Tuesday, he stated, "I plan for this committee to mark up some version of this legislation when we return from the 4 July break."
McHenry to regulate the crypto sector
Rep. Patrick McHenry stated back in April that the U.S. House Financial Services Committee and House Agriculture Committee would work together to have joint public hearings beginning in May in order to design legislation to regulate the cryptocurrency business.
Republicans in Congress have been working with McHenry to approve legislation that would provide clear regulations for the cryptocurrency sector. McHenry and others earlier this month proposed a discussion document that would define the authorities' roles in regulating the use of cryptocurrencies and provide a registration process for exchanges and organisations that deal in them.
As the Securities and Exchange Commission has adopted a tougher stance, saying that the majority of big crypto goods are securities that need to be registered and suing key exchanges, crypto companies have been calling for such clarification from Congress.
However, the future of the proposed legislation is still unknown. Democrats on the panel claim to be thinking about the proposal but have reservations.
The committee's top Democrat, Representative Maxine Waters, expressed concern on Tuesday that granting temporary registration to cryptocurrency exchanges would encourage criminal activity.
On the other hand, important government officials like Senators Sherrod Brown and Elizabeth Warren have expressed even greater caution about cryptocurrency products in the Senate, which must also approve any crypto legislation.
