- The Republicans are trying to find bipartisan support for stablecoin laws
- US government will research illegal uses of crypto, including by terrorists
The Financial Services Committee (FSC) and the Agriculture Committee of the US House of Representatives will have laws governing the crypto sector in the "next two months." There are plans to hold joint public hearings beginning in May, said FSC chair Patrick McHenry, CoinDesk reported.
US President can sign off within a year
At the leading crypto medium’s Consensus 2023 event, McHenry confirmed that President Joe Biden could sign such a bill in the next year, adding that the proposed legislation would address both commodities and securities regimes and problems that are challenging on both sides.
House’s chances are “better” than Senate’s
According to Senator Cynthia Lummis, who also attended CoinDesk’s event, the House had a better chance than the Senate at passing laws. She added the Senate would have better chances if the House moved on the digital assets first.
Crypto is a “bipartisan” issue
Members of the Republican Party on the FSC are trying to find bipartisan support to pass stablecoin laws. Last year, Lummis introduced the “Responsible Financial Innovation Act” with Democrat Sen. Kirsten Gillibrand, which was aimed at building a crypto regulation framework. She said they would introduce an improved version of the bill in two months.
Stronger cybercrime aspect
Lummis clarified there would “probably be a stronger section on national security” and a “stronger cybercrime aspect” of the bill. On Thursday, the US House and the US Senate introduced a bipartisan bill calling on the US government to research the illegal uses of crypto, including by terrorists or other criminals.
Unclear definitions
Last week, the FSC criticized US Securities and Exchange Commission (SEC) Chairman Gary Gensler for not defining ether (ETH) as either a security or a commodity. McHenry also drew attention to crypto's role in the financial sector crisis, which is putting pressure on banks.
If the US passes the crypto law, it will join the European Union, which became the first major jurisdiction to adopt comprehensive crypto legislation.
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