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- 1 CFTC would have more power to regulate crypto, per the proposed bill.
- 2 The debate on the bill is scheduled to commence in early July 2023.
The upcoming vote on two digital assets laws in the U.S. could provide Commodities Futures Trading Commission with substantial power. A committee of the United States House of Representatives is brewing on two crypto bills, slated to be voted in early July 2023. The proposed legislation might place CFTC ahead of the Securities and Exchange Commission (SEC) in the race for crypto regulation.
CFTC to Gain Power Per the Proposed Bill
Representative Patrick McHenry (R-NC), the chair of the House of Financial Services Committee, has confirmed the two bills undergoing the parliamentary procedures. The bills would go through debate, amendment, and a vote in the second week of July 2023.
McHenry, a digital asset proponent in Washington, drafted the legislation in early 2023.
The legislator from North Carolina joined hands with Representative Glenn Thompson (R-PA), the chair of the House Agriculture Committee, which oversees the Commodities Future Trading Commission.
For quite some time, Glen Thompson has been working hard so that the agency could have a more significant role in digital asset oversight. In 2022, he even presented the Digital Commodity Exchange Act of 2022. The act was supposed to provide CFTC with jurisdiction over most digital assets. The bill also regulated the SEC to digital assets, which are placed under the category of securities.
Per media outlets, the D-day for the Commodities Future Trading Commission to be the ruling authority is near. During an oversight hearing with Jerome Powell, chairman of the Federal Reserve, McHenry announced the committee’s plans to dwell on the crypto bill in the first week of July 2023.
The committee would also debate another draft besides the oversight bill, which is supposed to provide a comprehensive regulatory framework for stablecoins. The United States might soon have the groundwork laid for full-fledged crypto regulation.
McHenry also argued that the bill would provide the required clarity on the digital asset ecosystem. Per the new draft, the digital assets service providers and exchange would be provided with a clear regulatory plan. The tussle between the two foremost regulatory authorities regarding jurisdictions over crypto is well known. The bill would divide the authority, trying to make a truce between the authorities.
#NEW: Chairman @PatrickMcHenry & @RepFrenchHill release a digital asset market structure proposal with @HouseAgGOP Chairman @CongressmanGT & @RepDustyJohnson in an unprecedented joint effort to provide clarity to the digital asset ecosystem.
— Financial Services GOP (@FinancialCmte) June 2, 2023
Read more:https://t.co/089dV2SYng pic.twitter.com/pSIIVjfslU
During the session scheduled in July 2023, the committee members would be able to suggest amendments required in the two bills. After that, the debate would end with a vote for the final draft. The draft would then face parliamentary procedure through voting on the floor of the House.
Senator Cynthia Lummis (R-WY) argues that the two bills have a better chance in the House of Representatives rather than the Senate as party politics could play a significant role in the latter. Lummis is a crypto proponent who supported a bill presented last year, created to bring regulatory clarity to the industry.
Even though there’s time for the bills to get on the floor and eventually take final shape and provide regulatory clarity for the crypto industry, It can be considered a step in the right direction, especially after the regulatory actions taken by the authorities against the digital asset industry.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
