Washington, D.C. Tuesday, June 4, 2024 – A key U.S. lawmaker said late May that comprehensive legislation regulating digital assets could be enacted by next year, signaling a major step towards addressing the rapidly evolving cryptocurrency market.1
The House passed the landmark Crypto Bill on May 30, 2024. 2
Retiring Chairman of the House Financial Services Committee Patrick McHenry said that he was confident that his crypto legacy would become permanent policy by 2025.3
He emphasized the importance of establishing clear regulatory guidelines for digital currencies and other blockchain-based assets during a panel discussion at a financial technology conference in New York City.
McHenry, who has been leading the effort to pass crypto legislation in the House, asserted that the strong bipartisan support for his Financial Innovation and Technology for the 21st Century Act (FIT21) last week ensures its eventual success.
Over a third of House Democrats voted in favor of the bill, despite opposition from the White House. McHenry stated that this momentum will continue into the next congressional session in 2025, if necessary, and will help advance both the market-structure bill and the long-awaited legislation to regulate stablecoin issuers.
“We’re aiming to bring about a comprehensive framework that addresses the unique challenges and opportunities presented by digital assets,” McHenry said. “Our goal is to provide clarity for consumers, investors, and businesses while ensuring the integrity of our financial system.”
McHenry noted that bipartisan support is crucial for the legislation’s success and expressed optimism about working with colleagues across the aisle. He highlighted ongoing efforts to collaborate with various stakeholders, including financial institutions, tech companies, and regulatory bodies.
“The rapid growth of digital assets necessitates a balanced approach,” McHenry added. “We must protect consumers and prevent fraud without stifling innovation.”
The proposed legislation is expected to address key issues such as regulatory oversight, taxation, and consumer protection. It may also outline the roles of federal agencies, including the Securities and Exchange Commission and the Commodity Futures Trading Commission, in overseeing the digital asset market.
Industry experts have welcomed the news, viewing it as a crucial step towards mainstream acceptance of digital currencies and blockchain technology.
“The move towards regulatory clarity is a positive development for the industry,” said Rachel Mayer, a senior analyst at a leading cryptocurrency research firm. “It will help build trust and encourage broader adoption of digital assets.”
As the legislative process unfolds, stakeholders will be watching closely to see how the proposed framework impacts the future of digital assets in the U.S.
For now, the digital asset community remains cautiously optimistic, hoping that the anticipated regulations will provide a solid foundation for growth and innovation.
- Digital Assets Law: https://www.coindesk.com/policy/2024/05/29/us-lawmaker-at-center-of-crypto-negotiation-predicts-digital-assets-law-by-next-year/[↩]
- Digital Assets Law: https://www.bhfs.com/insights/alerts-articles/2024/house-passes-landmark-crypto-bill[↩]
- Digital Assets Law: https://www.coindesk.com/policy/2024/05/29/us-lawmaker-at-center-of-crypto-negotiation-predicts-digital-assets-law-by-next-year/[↩]
