By Pete Schroeder
WASHINGTON (Reuters) - A key Republican House lawmaker said on Tuesday that he intends to hold a committee vote on a comprehensive bill to establish a regulatory framework for cryptocurrency products in the coming weeks.
Rep. Patrick McHenry, chairman of the House Financial Services Committee, said he hopes to introduce a bill for the panel to consider after lawmakers return to work on July 11.
โIt is my intention that this committee will flag some form of this legislation when we return from the July 4th recess,โ he said at a hearing on Tuesday.
McHenry has led an effort by some Republicans in Congress to pass a bill setting clear rules for the crypto industry. A discussion draft filed earlier this month by McHenry and others would clarify the responsibilities of regulators to oversee crypto products and provide a pathway for crypto companies and exchanges to register with those agencies.
Crypto companies have been clamoring for such clarity from Congress, particularly as the Securities and Exchange Commission has taken a harder line, arguing that most major crypto products are securities that must register and sue major exchanges.
But the prospects for the bill remain unclear. Democrats on the panel say they are considering the measure but have concerns. Rep. Maxine Waters, the top Democrat on the committee, said Tuesday that she was concerned that allowing cryptocurrency exchanges to receive provisional registration could allow bad actors.
And in the Senate, which must also pass any crypto legislation, key legislators like Senators Sherrod Brown and Elizabeth Warren have expressed even more skepticism about crypto products.
(Reporting by Pete Schroeder)
