The House Financial Services Committee Delays Vote on Cryptocurrency Regulation
The House Financial Services Committee has delayed its scheduled vote on legislation that would establish a comprehensive regulatory framework for stablecoins and cryptocurrency trading in the United States. The committee debate and vote will now take place on July 26.
Key Points:
- During a previous hearing, Democratic lawmakers expressed skepticism about the Republican-led effort and argued that existing securities laws are sufficient for regulating cryptocurrencies.
- For the bills to become law, they require support from Democrats in the Senate and acceptance from the Biden administration, in addition to approval from the House of Representatives.
- The House Agriculture Committee also has jurisdiction over the market bill and is expected to hold its own debate and vote on the legislation.
- The market structure legislation aims to grant the Commodity Futures Trading Commission more authority over digital asset markets and establish rules for transitioning a digital asset from a security investment to a commodity.
- Rep. French Hill, one of the authors of the stablecoins bill, expressed hope that both bills will advance out of committee before the end of July.
Hot Take: The delay in the House Financial Services Committee’s vote on cryptocurrency regulation highlights the ongoing debate and negotiations surrounding the proposed legislation. While Democrats have expressed concerns, it remains to be seen whether the bills can garner enough support to become law. The outcome of these regulatory efforts will have significant implications for the future of stablecoins and cryptocurrency trading in the United States.
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