News
US House Member McHenry Says Crypto Market Structure Bill Will Get Floor Vote
-
A bill aimed at establishing a regulatory regime for US cryptocurrency markets will finally get a vote in the full House of Representatives, Rep. Patrick McHenry said.
-
The House Rules Committee has approved the legislation for a vote next month, potentially pushing it toward the high watermark for cryptocurrency legislation in the United States
The most comprehensive US cryptocurrency legislation yet approved by a congressional committee it will go even furtherwith the full House of Representatives set to vote on whether to pass it soon, according to Rep. Patrick McHenry (R-N.C.), chairman of the House Financial Services Committee.
His panel last year it had cleared up the Financial Innovation and Technology for the 21st Century Act, or FIT21, in a bipartisan vote that attracted a handful of Democratic supporters despite opposition from their ranking member on the committee, Rep. Maxine Waters (D-California). on track to become the first significant digital asset regulation legislation to pass either house of Congress now that it has been cleared for a vote next month by the House Rules Committee, according to McHenry.
The billwhich was also approved by the House Agriculture Committee, is the “culmination of years of bipartisan efforts to finally provide clarity”, said the North Carolina lawmaker, who will retire from Congress at the end of the year and has made cryptocurrency legislation one of its priorities. his priorities as he goes out.
“With the floor vote announced today, Congress will take a historic step to provide a clear regulatory framework for digital asset markets,” McHenry said in a statement. “This legislation will solidify American leadership of the global financial system for decades to come and strengthen our role as an international hub for innovation.”
While it is a sign of progress to get legislation this advanced in a highly partisan and combative Congress, the bill is unlikely to find parallel action in the Senate, which is necessary for Congress to fully pass the legislation and send it to the president to turn it into law. . That House has yet to do any high-level work on a similar project, although lawmakers have recently shown some willingness to find a path for another cryptocurrency project: a bill to regulate stablecoin issuers.
To know more: Stablecoin bill unlikely to be tied to FAA reauthorization, again putting efforts on hold