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Representative Patrick McHenry, chairman of the House Financial
Services Committee, said he expects to put a bill forward for
the panel to consider after lawmakers return to work on July 11.
"I intend for this committee to mark up some form of this
legislation when we return from the July 4 recess," he said at a
hearing Tuesday.
McHenry has been leading an effort by some Republicans in
Congress to pass a bill establishing clear rules for the crypto
industry. A discussion draft put forward earlier this month by
McHenry and others would clarify responsibilities for overseeing
crypto products by regulators, and would give a pathway for
crypto companies and exchanges to register with those agencies.
Crypto firms have been clamoring for such clarity from Congress,
particularly as the Securities and Exchange Commission has taken
a harder line, arguing most major crypto products are securities
that must be registered and suing major exchanges.
But the prospects for the draft measure remain unclear.
Democrats on the panel say they are considering the measure but
have concerns. Representative Maxine Waters, the top Democrat on
the committee, said Tuesday she worried that allowing crypto
exchanges to receive provisional registration could enable bad
actors.
And in the Senate, which must also pass any crypto legislation,
key lawmakers like Senators Sherrod Brown and Elizabeth Warren
have expressed even more skepticism about crypto products.
(Reporting by Pete Schroeder)
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