Crypto Countdown: U.S. Congress Aims for Legislative Leap in 2 Months or Less – Buckle Up, Biden!
In a significant development for the crypto industry, U.S. House Financial Services Committee and House Agriculture Committee intend to put together legislation to oversee the crypto sector within the next two months. Chair of the House Financial Services Committee, Rep. Patrick McHenry (R–N.C.), announced this during CoinDesk’s Consensus 2023 event, expressing optimism that a bill could be signed by President Joe Biden within the next 12 months. However, he also acknowledged the challenges of legislating something innovative.
The proposed bill would address both securities and commodities regimes and issues that are difficult to resolve on either side. Sen. Cynthia Lummis (R-Wyo.) revealed her readiness to coordinate with McHenry on this initiative. Lummis also emphasized the bipartisan nature of the subject, stating that the crypto sector should be addressed before the 2024 election.
But will the legislation get bipartisan support? The U.S. Congress has struggled to pass comprehensive crypto legislation, with several bills making progress on Capitol Hill last year. However, a recent swing by House Republicans at bipartisanship support for stablecoin legislation could serve as a new starting point for negotiations with Democrats.
Sen. Lummis, known as the Senate’s “Crypto Queen,” had previously introduced the bipartisan “Responsible Financial Innovation Act,” aimed at creating a regulatory framework for the crypto industry. Lummis now says that an enhanced version of the bill will be revealed within six to eight weeks, likely featuring stronger sections on national security and cybercrime.
While the legislative deadlock continues between Republicans and Democrats in Congress, external pressure to regulate the crypto industry has amplified after the meltdown of the FTX crypto exchange and the recent crypto banking collapse.
The main conflict in this article is the race against time to legislate the growing crypto sector and the challenge of gaining bipartisan support. With increasing pressures from recent events, some may argue that it’s about time the U.S. Congress takes a significant leap towards comprehensive crypto legislation. On the other hand, concerns over the bill addressing the right issues and properly regulating securities and commodities without stifling innovation persist.
In conclusion, the U.S. Congress’ aims for a legislative leap in the crypto sector are a step forward for the industry, but the road ahead remains uncertain. As lawmakers try to strike a balance between security, national interest, and technological innovation, the crypto community eagerly awaits the outcome of this Congressional countdown. With a touch of skepticism and anticipation, one thing is certain: the clock is ticking, and it’s time to buckle up.
