One of the key Republican lawmakers in the House of Representatives said on Tuesday that he plans to hold a committee vote on a comprehensive bill to create a regulatory framework for cryptocurrency products in the coming weeks.
Crypto Bill To Be Considered After 4th July Holiday In The US
Patrick McHenry, Chairman of the House Financial Services Committee, said he expects to introduce a bill for the panel's consideration after lawmakers return to work on July 11.
"I plan for the committee to consider some form of this legislation when we return from the July 4th holiday," McHenry said at a hearing on Tuesday.
McHenry is leading the efforts of some Republicans in Congress to pass a bill that sets clear rules for the crypto industry. A draft discussion put forward by McHenry and others earlier this month will clarify the responsibilities for regulatory oversight of crypto products and provide a way for crypto companies and exchanges to register with these bodies.
However, the prospects for the draft regulation remain unclear. Democrats on the panel say they are considering the bill but have concerns. Representative Maxine Waters, the top Democrat on the committee, said on Tuesday that she is concerned that allowing crypto exchanges to take temporary registration could enable malicious people.
Also in the Senate, which must pass any crypto legislation, key lawmakers such as Senators Sherrod Brown and Elizabeth Warren have expressed even more skepticism about Bitcoin and crypto products.
*Not investment advice.