Republican policymakers who support cryptocurrencies, Patrick McHenry and Cynthia Lumis, gave an update on digital asset law at Consensus 2023. they are very optimistic.
The former believes that President Biden will sign the first bill directly forming rules for cryptocurrencies within the next 12 months.
Progress on the Lumis Bill
During Friday’s panel discussion, Lummis began by clarifying that the next digital asset regulation bill, the Responsible Financial Innovation Act, will be before the Senate within the next six to eight weeks.
Co-authored with fellow Senator Kirsten Gillibrand, the law is designed to clarify regulation across many areas of the digital asset industry, including classifying cryptocurrencies as securities or commodities. .
However, unlike the first draft published in June, the bill will include enhanced sections on protecting national security and tackling cybercrime.
“We want to keep a key part of the framework, ensuring that it establishes a well-understood regulatory framework for both innovators and regulators,” said Lummis.
House of Representatives Cryptocurrency Plan
As for the House, House Financial Services Committee (HFSC) chairman McHenry confirmed that the HFSC and the Agriculture Committee will hold their first joint hearing on the market structure surrounding digital assets in May this year. .
The group plans to draft legislation within the next two months to create a framework for digital assets to evolve from securities to commodities, making room for some assets to not neatly fit into these categories.
When asked if the president will sign the Digital Assets Act in the next 12 months, McHenry agreed. “I could get the bill out of the House – I’m sure of it,” he continued.
Ramis believes that the House will likely be the first to move to pass legislation in the Senate because Congress cannot partisanly pass legislation. “This is a bipartisan issue that needs to be addressed before the 2024 election,” she added.
