The chair of the U.S. House Financial Services Committee says that legislation to regulate the %Cryptocurrency sector should be tabled in Congress within the next two months, or before this year’s summer recess.
Representative Patrick McHenry (R–N.C.), who chairs the House Financial Services Committee, said that legislation to oversee crypto should be forthcoming after his committee and the House Agriculture Committee hold joint public hearings on the issue later this month (May).
When asked by reporters whether such a bill could be signed by U.S. President Joe Biden within the next 12 months, McHenry said “yes.”
However, McHenry acknowledged that getting new legislation pertaining to cryptocurrencies passed in both the U.S. House of Representatives and Senate is likely to be challenging.
The U.S. Congress has so far been unable to get comprehensive legislation on cryptocurrencies passed despite numerous efforts over the last 18 months.
Republicans on the House Financial Services Committee are currently trying to secure bipartisan support for legislation to regulate stablecoins, which are cryptos whose value is tied to another asset such as the U.S. dollar or gold.
Lawmakers are hoping that they can build on consensus reached regarding %Stablecoins to introduce a larger, more comprehensive piece of legislation that will cover the entire cryptocurrency sector.
There is already a bill before the U.S. Senate and House of Representatives that calls for the U.S. government to study how terrorists and other criminals use cryptocurrencies to fund their illegal activities.
Lawmakers in Washington, D.C. have come under increased pressure to legislate crypto following the $8 billion U.S. collapse of the FTX exchange last November.
The European Union (EU) recently enacted comprehensive cryptocurrency laws. Regulators in Japan and the United Arab Emirates are also considering regulating the crypto sector.