U.S. House committee to vote on crypto, stablecoin legislation in July

Quick Take

  • The U.S. House Financial Services Committee will vote on legislation aimed at creating a clearer pathway for digital assets to move from a security to a commodity, as well as a comprehensive framework for stablecoins, in July.

A U.S. congressional committee drafting new rules for digital assets plans to debate, and likely advance, two proposed new laws in the second week of July.

House Financial Services Committee Chair Patrick McHenry, R-N.C., told his panel this morning that he plans to hold a session on debating, changing, and likely advancing legislation that would create a more distinct pathway for digital assets to transition from security investments to commodities, which have lower reporting and regulatory requirements, along with other market structure-related provisions.

McHenry and Rep. Glenn 'GT' Thompson, R-Pa., the Republican chair of the House Agriculture Committee, drafted the legislation, though it will need support from Democrats in the Senate and President Joe Biden’s signature in order to become law.

Comprehensive regulatory framework for stablecoins


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McHenry made the scheduling update at the beginning of a regular oversight hearing on Wednesday with Federal Reserve Chair Jerome Powell.

The committee will also debate a separate bill to create a comprehensive regulatory framework for stablecoins, written primarily by McHenry and Rep. French Hill, R-Ark.

The July session will allow members of the committee to introduce changes to the text, with the final version subject to an up or down vote to report it out favorably from the panel. Advancing the bills from committee would tee them up for votes in the full House of Representatives.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

About Author

Colin oversees and contributes policy, regulatory, political, and legal coverage for The Block. Before joining The Block he covered congressional economic policy, including fintech legislation, for Bloomberg Industry Group and Politico, with additional stints at the Washington Examiner and American Banker. Colin is an alumnus of Columbia University's Graduate School of Journalism and Sewanee: The University of the South. 


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