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A bill to establish a regulatory regime for US cryptocurrency markets will finally get a vote in the House of Representatives at large, Rep. Patrick McHenry said.
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The House Rules Committee approved the legislation for a vote next month, which could bring it to a peak for cryptocurrency legislation in the US.
The most comprehensive US cryptocurrency legislation yet to be passed by a congressional committee. will go even furtherand the entire House is set to vote on whether to approve it soon, according to Rep. Patrick McHenry (R.N.C.), chairman of the House Financial Services Committee.
Your panel last year I had cleared the Financial Innovation and Technology for the 21st Century Act, or FIT21, in a bipartisan vote that attracted a handful of Democratic supporters despite opposition from its ranking member on the committee, Rep. Maxine Waters (D-Calif. .). That bill is on track to become the first major digital asset regulatory legislation to pass either chamber of Congress now that it has been approved for a vote next month by the House Rules Committee, according to McHenry.
The invoicewhich had also been approved by the House Agriculture Committee, is the "culmination of years of bipartisan efforts to finally provide clarity," said the North Carolina lawmaker, who will retire from Congress at the end of the year and made of cryptocurrency legislation one of his priorities upon his departure.
"With the floor vote announced today, Congress will take a historic step to provide a clear regulatory framework for digital asset markets," McHenry said in a statement. "This legislation will solidify American leadership in the global financial system for decades to come and reinforce our role as an international center for innovation."
While it is a sign of progress to get the legislation this far in a highly partisan and combative Congress, the bill is unlikely to find parallel action in the Senate, which is necessary for Congress to fully pass the legislation and send to the president to promulgate it. . That chamber has yet to do high-level work on a similar effort, although lawmakers there recently showed some willingness to find a path for another crypto effort: a bill to regulate stablecoin issuers.
Read more: Stablecoin Bill Unlikely to Be Subject to FAA Reauthorization, Putting Effort on Hold Again
