US House Introduces Bipartisan Crypto Bills to Regulate Stablecoins and Block Chinese Ownership.
Legislators from both parties have introduced a series of bills aimed at regulating cryptocurrency assets and marketplaces, contradicting SEC Chair Gary Gensler's repeated claims that crypto doesn't need new rules. The existence of these bills could undermine the SEC's current enforcement actions, particularly the case against Coinbase. The bills demonstrate an ongoing process of crypto market legislation, creating at least the appearance that Gensler is trying an end-run around Congress. This could rise to the level of violating a 1946 law called the Administrative Procedures Act, which aims to ensure that agencies like the SEC remain subordinate to democratic lawmaking processes.