Crypto Legislation to be Implemented by June by US Government
The Financial Services Committee (FSC) and the Agriculture Committee of the US House of Representatives aim to introduce laws governing the cryptocurrency industry in the next two months. The chairs of the FSC and Agriculture Committee have plans to hold joint public hearings in May to address the challenges facing the crypto sector. FSC Chair Patrick McHenry confirmed that the US President could sign the bill within a year. The proposed legislation seeks to address both commodity and securities regimes in the crypto sector. According to Senator Cynthia Lummis, the House has better chances of passing the proposed legislation than the Senate. However, Lummis clarified that the Senate would have better chances of passing the bill if the House moved on digital assets first. The FSC Republicans are seeking bipartisan support to pass stablecoin laws. Last year, Lummis introduced the “Responsible Financial Innovation Act” aimed at building a crypto regulation framework. If the US passes the proposed legislation, it will join the European Union, which became the first major jurisdiction to adopt comprehensive crypto legislation.
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