All eyes will be on the US House of Representatives this week. In addition, two important crypto bills will be on the agenda. The Financial Services Committee and Agriculture Committee will discuss and vote on key cryptocurrency-related legislative proposals. The results of these votes are eagerly awaited as it could mark the first time a crypto bill is passed in Congress.
Discussed critical bills
The “Digital Asset Market Structure and Investor Protection Act”, which addresses the classification of cryptocurrencies as securities or commodities, will be voted on today. Tomorrow, the Financial Services Committee will vote on the “Stablecoin Innovation and Consumer Protection Act,” which focuses on stablecoins. In addition, the Agriculture Committee will also discuss the “Digital Asset Market Structure and Investor Protection Act” tomorrow.
cryptocoin.com When we look at it as a whole, the support of the democrats will determine the course of the bills. Accordingly, the passing of the bills depends on the support of the Democrats, especially in the Senate. The Democrats have a bigger position there. Their support is very important as they have a more influential position accordingly. However, the Democratic side is somewhat hesitant to fully support cryptocurrencies. In other words, this leads to potential disagreements with Republicans over proposed legislation.
President targets SEC and Gary Gensler
Congressman Patrick McHenry, Chairman of the Financial Services Committee, also makes a statement on the subject. Accordingly, he expressed his determination to advance legislation and ensure it reaches Congress. The proposed bill would give the Commodity Futures Trading Commission (CFTC) more control over cryptocurrencies. On the other hand, it will be able to impose tighter restrictions on the Securities and Exchange Commission (SEC). McHenry’s recent criticisms of SEC chairman Gary Gensler have added more interest to the debate.
There are also reflections of the draft laws in the crypto money world. At this point, the crypto lobby has support and concerns. The crypto lobby believes the SEC has overstepped its authority. Accordingly, it specifically supports the first bill aimed at clarifying the regulatory status of cryptocurrencies. However, Maxine Waters, the vice president representing the Democratic side, has yet to make a statement about the bill. Therefore, the extent of the disagreement between the two parties within the Committee is not yet fully clarified.
Importance for the world of cryptocurrencies
The upcoming votes are of great importance to the crypto industry, with the potential to shape its regulatory landscape in the years to come. Because the laws will shed clear light on the approach to the field.
On the other hand, the approach in America will affect other jurisdictions as well. It will also be in question to guide the approaches especially in Europe.
