Proposed Crypto and Stablecoin Regulations Set for July Committee Vote in the U.S. House

U.S. Congressional Committee Plans July Vote on Crypto and Stablecoin Legislation

In an effort to establish clearer regulations for digital assets, a congressional committee in the United States is preparing to discuss and potentially advance two proposed laws during a session scheduled for the second week of July.

Chairman Patrick McHenry of the House Financial Services Committee revealed plans to hold a debate on legislation that aims to create a distinct pathway for digital assets to transition from being considered securities to commodities. This transition would entail lower reporting and regulatory requirements, as well as introduce other provisions related to market structure.

The legislation, jointly drafted by McHenry and Rep. Glenn ‘GT’ Thompson, a Republican from Pennsylvania who chairs the House Agriculture Committee, will require support from Democrats in the Senate and President Joe Biden’s approval to be enacted into law.

During a regular oversight hearing with Federal Reserve Chair Jerome Powell, McHenry announced the upcoming session to update the committee on the schedule.

In addition to the aforementioned bill, the committee will also discuss a separate proposal authored primarily by McHenry and Rep. French Hill, a Republican from Arkansas. This bill focuses on establishing a comprehensive regulatory framework for stablecoins.

During the July session, committee members will have the opportunity to propose changes to the text of the bills. The final versions will then undergo an up or down vote to determine whether they will be favorably reported out of the committee. Advancing the bills from the committee stage will pave the way for votes in the full House of Representatives.

For more news, find me on Twitter or subscribe to my YouTube channel.

What is your opinion on this issue? Leave me your comment below! I’m always interested in your opinion!

Leave a Reply

Your email address will not be published. Required fields are marked *

Recommended for you