Optimism is growing within the halls of Congress that crucial crypto regulation could be enacted before the upcoming presidential elections.
This sentiment stems from Rep. Patrick McHenry, a leading proponent of crypto within the House of Representatives.
US Crypto Regulation Bill Under Works
Rep. McHenry, the Republican chair of the House Financial Services Committee, highlighted the improved chances of passing legislation designed to bring regulatory clarity to the crypto market.
“I think we have a couple of opportunities ahead before the election to see real policy,” McHenry remarked.
He pointed to a significant shift in congressional support following the replacement of former Speaker Kevin McCarthy with Mike Johnson. According to McHenry, this change has paved the way for the House GOP to push forward critical legislation, even in the contentious atmosphere of an election year.
The backdrop to McHenry’s remarks is a notable rally in the crypto market, with Bitcoin and other cryptocurrencies hitting record highs. This resurgence reflects the urgency and relevance of establishing a more defined regulatory framework for digital assets.
McHenry’s efforts last summer to navigate a crypto-market-structure reform bill through committee in a bipartisan vote have not gone unnoticed. His work, alongside the current GOP leadership, aims to bring this measure to a full House vote. Moreover, the bipartisan support extends to a separate bill on regulating stablecoins.
“The administration’s willingness to move forward with stablecoin legislation, I think, makes it by far the most optimal portion of this to move forward,” Sen. Cynthia Lummis said.
Read more: Crypto Regulation: What Are the Benefits and Drawbacks?
The push for regulatory clarity comes at a critical time, with President Biden and congressional Democrats also acknowledging the necessity for new laws. The potential enactment of these crypto bills represents a landmark moment, promising greater regulatory certainty.
“I think we’re at the phase where we can see the airport, we can see how we’re going to land the plane,” McHenry optimistically stated.
With the clock ticking towards the presidential elections, investors are hopeful for a breakthrough that could secure a more stable and regulated future for cryptocurrencies.
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