House Republican Lawmaker Plans Vote for Cryptocurrency Regulatory Framework
A key House Republican lawmaker, Representative Patrick McHenry, announced on Tuesday that he plans to hold a committee vote in the coming weeks on a comprehensive bill to establish a regulatory framework for cryptocurrency products. McHenry, chairman of the House Financial Services Committee, said he expects to put a bill forward for the panel to consider after lawmakers return to work on July 11.
Clarifying Oversight Responsibilities and Pathways
A discussion draft put forward earlier this month by McHenry and others would clarify responsibilities for overseeing crypto products by regulators, and would give a pathway for crypto companies and exchanges to register with those agencies. Crypto firms have been clamoring for such clarity from Congress, particularly as the Securities and Exchange Commission has taken a harder line, arguing most major crypto products are securities that must be registered and suing major exchanges.
However, some politicians express concerns about the potential for bad actors to exploit the crypto market. Representative Maxine Waters, the top Democrat on the committee, said Tuesday she worried that allowing crypto exchanges to receive provisional registration could enable bad actors. In the Senate, key lawmakers like Senators Sherrod Brown and Elizabeth Warren have expressed even more skepticism about crypto products.