According to Rep. Patrick McHenry (R-NC), head of the House Financial Services Committee, the House Financial Services Committee and the House Agriculture Committee will draft legislation to govern the crypto industry in the “next 2-months” after having joint public hearings beginning in May.
When asked whether such a measure might be approved by President Joe Biden within the next year, McHenry told a gathering at CoinDesk’s Consensus 2023 event, “yes.” The senior legislator was eager to add a caveat that legislating anything new is usually difficult.
“What we plan to do over the next two months is report a deal out,” McHenry said, adding that the bill would cover both the securities and commodities regimes, as well as concerns that are difficult to resolve on either side.
Sen. Cynthia Lummis (R-Wyo. ), the other panelist during the event, said she was looking forward to coordinating those efforts with McHenry, adding that the House had a greater chance of passing legislation sooner than the Senate. She said that if the House takes the lead on crypto, it would “improve our chances” in the Senate.
“We have tried to keep a partisan tinge off this subject,” Lummis stated. “This is a bipartisan issue that must be addressed before the 2024 election.”
Despite a number of bills making progress on Capitol Hill last year, the United States Congress has yet to pass comprehensive crypto legislation.
However, Republicans on the House Financial Services Committee took a shot this month at gaining bipartisan support for a second attempt at stablecoin legislation, though this remains uncertain. Republicans unveiled a discussion document that might serve as a fresh starting point for conversations with Democrats.
Lummis, nicknamed the Senate’s “Crypto Queen,” presented the bipartisan “Responsible Financial Innovation Act” last year with Sen. Kirsten Gillibrand (D-NY) to create a legal framework for the business.