- Vote to be held in second week of July
- Congress plans to debate two new laws
The U.S. House Financial Services Committee plans to vote on new cryptocurrency legislation in July. The goal is to establish a clearer process for transitioning digital assets from securities to commodities, as well as create a regulatory framework for regulating stablcoins.
House Financial Services Committee Chairman, Patrick McHenry, announced his intention to meet to discuss the new bill. It’s also possible to advance legislation that would create a more transparent path for digital assets to move from securities to commodities, with fewer reporting and regulatory requirements.
He also added that for the bill to become law, the support of Democrats in the Senate and the signature of President Joe Biden are needed.. In addition, Henry, along with French Hill, drafted another regulation to create a comprehensive regulatory framework for stablocoins.
In the July session, committee members will have the opportunity to amend the text of the bill, and the final version will be subjected to an affirmative or negative vote for a favorable committee decision. After the bill moves out of committee, it will be voted on by the full House of Representatives.
The bill will be voted on by the House of Representatives.