US Will Vote on Crypto and Stablecoin Legislation Next Month

The House Financial Services Committee, chaired by Republican Patrick McHenry of North Carolina, is due to start debating two proposed laws in the second week of July that seek to create a distinct path for digital assets to transition from security investments to commodities with lower reporting and regulatory requirements.

The draft laws, which would need support from the Senate and President Joe Biden’s signature to become law, were written by McHenry and Republican Representative Glenn ‘GT’ Thompson of Pennsylvania for the market structure-related provisions, as well as by Representative French Hill of Arkansas for a separate bill to establish a regulatory framework for stablecoins.

During a hearing this morning, McHenry updated that members of the committee will be allowed to introduce amendments to the texts, with the final versions being subject to an up or down vote before the bills are presented to the full House of Representatives.