Odaily Planet Daily News A majority of Democrats on the U.S. House Financial Services Committee opposes a bill that would instruct regulators to provide a clear path for digital assets to transition from securities to commodities, among other major changes to U.S. cryptocurrency regulation.
Democratic leader, Rep. Maxine Waters said the bill was too friendly to the encryption industry, and they were disappointed with Republicans' decision to push forward with a large-scale market structure bill to rewrite the U.S. investor protection act.
Democratic opposition has complicated the market bill's path to becoming law in this Congress, as Democrats narrowly control the Senate. Biden is unlikely to sign a bill into law if a majority of his party opposes it.
However, Waters and House Financial Services Committee Chairman Patrick McHenry are optimistic that the stablecoin bill may be feasible, and ongoing last-minute negotiations may result in more agreement on the stablecoin legislation and markets bill, which will be held in committee on Thursday. vote. In particular, Waters said SEC Chairman Gary Gensler should invest more in the legislation because of his current role and previous CFTC chairmanship. She wants the SEC staff to provide more technical input on the complex bill.
House Republicans and the committee staff said they, too, would like more "productive engagement" with Gensler, but did not get a comprehensive response when they asked for technical assistance a few weeks ago. (The Block)
According to previous news, the Financial Services Committee of the U.S. House of Representatives will vote this week on several bills to establish a regulatory framework for cryptocurrencies, which will be a milestone for Capitol Hill to codify federal regulations for the digital asset industry. The legislation the committee plans to consider includes a bill that would define when cryptocurrencies are securities or commodities, and another bill that would establish a system to regulate stablecoins. It would be the first time a cryptocurrency regulation bill has been put to a vote in Congress and a victory for cryptocurrency lobbyists.
It remains to be seen, however, whether the bills will gain Democratic support, which many see as crucial to their eventual passage into law. The measures could also face obstacles in the Democratic-led Senate, where Senate Banking Committee Chairman Brown said he was unsure whether additional legislation to regulate cryptocurrencies would be necessary.
The committee's Republican chairman, Patrick McHenry, said his top priority is to advance a cryptocurrency market structure bill that would expand the Commodity Futures Trading Commission's (CFTC) oversight of the cryptocurrency industry while clarifying the SEC's jurisdiction.
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