- U.S. Representative Patrick McHenry announces a committee vote on a regulatory bill concerning cryptocurrency.
- The proposed legislation aims to establish clear rules for the crypto industry, including pathways for crypto businesses and exchanges to register with regulators.
In a significant move toward the regulation of cryptocurrency, key House Republican Representative Patrick McHenry announced that he plans to hold a committee vote on a comprehensive bill that aims to set a regulatory framework for crypto-related products in the coming weeks.
McHenry, who chairs the House Financial Services Committee, shared his intention to introduce a bill for the panel’s consideration once lawmakers resume 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,” McHenry stated during a Tuesday hearing.
The Republican lawmaker has been at the forefront of a Congress-led initiative aimed at passing a bill that provides a clear set of rules governing the crypto industry. A discussion draft shared earlier this month by McHenry and his peers seeks to delineate regulatory responsibilities over crypto products and provides a path for crypto firms and exchanges to register with regulatory bodies.
The cryptocurrency industry has been vocally advocating for this legislative clarity. This call comes at a time when the Securities and Exchange Commission (SEC) has adopted a tougher stance, declaring that most significant crypto products fall under securities and thus necessitate registration. The SEC has also initiated lawsuits against major exchanges.
>> Buy Bitcoin quickly and securely with PayPal, credit card or bank transfer at eToro with low fees and deposit protection. Get started with BTC now. Visit Website <<
However, the future of this draft measure is not yet set in stone. Democrats on the panel have expressed they are considering the measure but harbor concerns. Representative Maxine Waters, the leading Democrat on the committee, voiced her worries on Tuesday, fearing that provisional registration of crypto exchanges might open the door for malicious entities.
The draft legislation also faces hurdles in the Senate, another legislative body required to pass any crypto regulation. High-profile senators such as Sherrod Brown and Elizabeth Warren have expressed heightened skepticism regarding crypto products.
Best Crypto Exchange for Everyone:
- Invest in Ripple (XRP) and 70+ cryptocurrencies and 3,000 other assets.
- 0% commission on stocks – buy in bulk or just a fraction from as little as $10.
- Copy top-performing traders in real time, automatically.
- Regulated by financial authorities including FAC and FINRA.
2.8 Million Users