The US House Committee is set to vote on vital crypto legislation in July. Moreover, voting is taking place regarding new crypto rules that will create a pathway for assets to transfer from securities to commodities. Additionally, the voting will include a new stablecoin framework.
The two new bills will be drafted and debated in the second week of July, according to The Block. Moreover, the report noted that there is an expectation that the legislation will be advanced. Conversely, the potential law has been drafted by House Financial Services Committee chair, Patrick McHenry of North Carolina, and House Agricultural Committee chair, Glenn Thompson.
Vital Crypto Legislation to be Voted on
The regulation of the digital asset industry has been a point of contention since the industry’s inception. Moreover, a lack of clear regulatory standards has led to a plethora of enforcement actions taken by the US Securities and Exchange Commission (SEC). Yet, it appears that this lack of clarity could be addressed soon.
Now, the US House Committee is set to vote on vital crypto legislation in the second week of July. Indeed, The Block reported the vote to come on the legislation that has been drafted by both McHerny and Thompson.
The legislation is primed to be debated by the committee, with the upcoming July session set to potentially change the legislative action. Moreover, the draft was developed to create a clear transitional point for security investments to become commodities.
The legislation will require support from Democrats in the Senate. After that, it will need the signature of the US President, Joe Biden, to become law. A second bill will also be voted on. That one was constructed to help formulate a regulatory stablecoin framework and was constructed by McHenry and Arkansas French Hill.
The July session will be immensely important and will see committee members introduce changes. Moreover, the session could see clear crypto regulation advance up the political ladder. Eventually, reaching the necessary avenues to become the law that the industry has been seeking.
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