US House Panel Will Vote On Upcoming Cyptocurrency Bill
In Washington overnight, Patrick McHenry, a key House Republican lawmaker, said in the coming weeks he plans to hold a committee vote on a comprehensive bill to create a regulatory framework for cryptocurrency products.
Representative McHenry is the chairman of the House Financial Services Committee and will present a bill for the panel to consider when lawmakers return from the July 4 recess. He intends for the committee to mark up some form of this legislation amidst crypto firms appealing to Congress for clear rules for the crypto industry, especially in the wake of the Securities and Exchange Commission last week, suing Coinbase and Binance, two of the world's largest crypto exchanges, for allegedly breaching its rules.
The SEC has argued that most major crypto products are indeed securities that must be registered.
McHenry put forward earlier this month a discussion draft to clarify responsibilities for overseeing crypto products by regulators, which would enable cryptocurrencies and crypto companies rather and exchanges to register with those agencies. Meanwhile, the prospects for the draft measure remain uncertain with Democrats on the panel voicing concerns that allowing crypto exchanges to receive provisional registration could enable bad actors. A further roadblock could come from the Senate, which must also pass any crypto legislation.
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