All articles tagged with #crypto bill
The Senate will not vote on a crypto bill this week as discussions focus on a contentious provision in the defense policy bill related to military helicopters and safety technology, with lawmakers considering attaching the ROTOR Act to other legislation instead.
Three House Democrats are urging their colleagues to support a GOP-led cryptocurrency bill, emphasizing the need for U.S. leadership in digital assets despite its shortcomings. The House is set to vote on two crypto bills this week, with mixed party support. Meanwhile, other political developments include judicial confirmations, budget negotiations, and investigations into FEMA response policies. The political landscape remains highly active with significant legislative and oversight actions.
Bitcoin has surged towards its all-time high amid anticipation of a new 'groundbreaking' crypto bill introduced by Senator Cynthia Lummis, which aims to ease crypto tax regulations and promote innovation, potentially fueling a significant price boom driven by favorable U.S. policies and increased institutional investment.
The U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act, a bill aimed at creating a new legal framework for digital currencies, despite warnings from SEC Chair Gary Gensler that it could introduce new financial risks and regulatory gaps. The bill, which passed with bipartisan support, is intended to provide regulatory clarity and promote industry growth, but faces uncertainty in the Senate.
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.
Messari CEO Ryan Selkis has praised the newly proposed Republican crypto bill, calling it a "10x improvement" on all other crypto bills introduced to the United States Congress so far. The "Digital Asset Market Structure" (DAMS) bill proposes to establish a framework to fill the gaps in the regulatory process between the U.S. Commodity Futures Trading Commission and Securities Exchange Commission on activities related to crypto-assets. The bill provides a pathway for tokens to reach compliance through decentralization without instantly triggering securities laws. The bill was discussed in light of the SEC's recent lawsuits filed against Binance and Coinbase for allegedly breaking securities laws by offering tokens as unregistered securities.
Coinbase, Robinhood, and representatives from the CFTC are set to testify before Congress on June 6 to discuss a newly proposed crypto bill that could see certain crypto tokens classified as digital commodities. The proposed bill is part of a push to provide a statutory framework for digital asset regulation intended to provide clarity, fill regulatory gaps, and foster innovation, while providing adequate consumer protections. Coinbase's Chief Legal Officer, Paul Grewal, will testify in support of the proposed bill, calling for a clear rulebook in the US to achieve the full promise of crypto.
The US House Financial Services Committee and House Agriculture Committee will draft legislation to oversee the crypto sector in the next two months after holding joint public hearings starting May, according to Rep. Patrick McHenry. The bill will address both securities and commodities regimes and issues that are hard to fix on either side. Sen. Cynthia Lummis said she looked forward to coordinating those efforts with McHenry, adding that the House had a better chance than the Senate at getting legislation through earlier.