U.S. House’s McHenry Says Bill on Crypto Market Structure Will Get Floor Vote

A bill establishing a regulatory regime for U.S. cryptocurrency markets will eventually receive a vote from the full House of Representatives, Rep. Patrick McHenry said.

The House Rules Committee has approved the bill for a vote next month, potentially pushing it into the high tier for crypto legislation in the US

The most comprehensive U.S. cryptocurrency legislation yet through a congressional committee will go further, with the full House of Representatives soon to vote on whether to pass it, according to Rep. Patrick McHenry (R.N.C.). Chairman of the House Financial Services Committee.

Last year, the panel approved the Financial Innovation and Technology Act for the 21st Century, or FIT21, in a bipartisan vote that included a handful of Democratic supporters despite opposition from Rep. Maxine Waters (D-), her ranking member on the committee. California) According to McHenry, the bill is on track to become the first major digital asset regulation legislation to clear one chamber of Congress, as it has been cleared for a vote next month by the House Rules Committee.

The North Carolina lawmaker, who will retire from Congress at the end of the year and draft crypto legislation, said the bill, which was also approved by the House Agriculture Committee, was “the culmination of years of bipartisan efforts to finally provide clarity.” one of your priorities when dating.

“With the floor vote announced today, Congress will take a historic step to provide a clear regulatory framework for digital asset markets,” McHenry said in a statement. “This legislation will solidify America’s leadership in the global financial system for decades to come and strengthen our role as an international center of innovation.”

While getting the legislation this far is a sign of progress in a highly partisan and combative Congress, the bill is unlikely to find parallel action in the Senate — which would be necessary for Congress to fully approve the legislation and send it to the president for signature. . That chamber has yet to do high-level work on a similar effort, but lawmakers there have recently shown some willingness to find a path forward for another crypto effort: a bill regulating stablecoin issuers.

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