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
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.
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