Crypto effort in House gathers steam, could gain allies in Lummis, Gillibrand

Quick Take

  • An effort to overhaul how U.S. securities and commodities laws govern crypto markets is picking up momentum. 
  • The House-led effort now has interest in the Senate, with the goal of releasing the legislation in late May. 

Momentum is building for the first major U.S. crypto legislation to have a realistic shot at becoming law. 

Members of the House and Senate have begun working together on a bill to create new market structure rules around digital assets.

The talks come amidst a regulatory crackdown on the industry by the Commodities Futures Trading Commission and the Securities and Exchange Commission. Both the enforcement actions and top-level recommendations for new laws to govern digital assets were part of an agenda released by the Biden administration last year. 

The markets effort is running in parallel to another major effort to advance a bipartisan framework for stablecoins. 

Details of the Republican-led crypto market effort remain under negotiation. The goal is to introduce it this spring or early summer, and that it and a stablecoins bill would reach bipartisan consensus in the closely divided chambers of Congress, as well as final sign off from President Joe Biden, and provide more rules specific to digital assets.