After holding simultaneous public hearings beginning in May, the U.S. House Financial Services Committee and House Agriculture Committee will draft legislation to regulate the crypto sector in the “next two months,” according to the chairman of the House Financial Services Committee, Rep. Patrick McHenry (R-N.C.).
When asked at CoinDesk’s Consensus 2023 event if President Joe Biden could execute such a bill within the next 12 months, McHenry responded, “yes.” The key lawmaker was eager to add a disclaimer that it is always difficult to legislate something novel.
“Over the next two months, we plan to report an agreement,” McHenry said, adding that the measure will address both securities and commodities regimes as well as issues that are difficult to resolve on either side.
Sen. Cynthia Lummis (R-Wyo.), the other panelist, said she was looking forward to coordinating these efforts with McHenry, adding that the House had a greater opportunity than the Senate of passing legislation earlier. She said It would “improve our chances” in the Senate if the House moves first on crypto.
Despite a number of crypto-related measures making progress on Capitol Hill last year, the U.S. Congress has been unable to enact comprehensive crypto legislation.
This month Republicans on the House Financial Services Committee made an attempt to garner bipartisan support for a second attempt at stablecoin legislation, yet with dubious results. Republicans introduced a discussion topic that could serve as a new negotiation starting point with Democrats.
Lummis, who has been labeled the “Crypto Queen” of the Senate, had introduced the bipartisan “Responsible Financial Innovation Act” with Sen. Kirsten Gillibrand (D-N.Y.) in an effort to create a regulatory framework for the industry.
