US House Committee to Vote on Crucial Crypto Legislation in July, Including Stablecoin Framework

The regulatory landscape for the digital asset industry in the US may soon see significant changes as the House Committee plans to vote on vital crypto legislation in July. The proposed bills, drafted by Committee chairs Patrick McHenry and Glenn Thompson, aim to establish a clear pathway for assets to transition from securities to commodities, and to formulate a regulatory framework for stablecoins.

The lack of clear regulatory standards in the crypto space has resulted in enforcement actions by the SEC and ongoing uncertainty. However, the upcoming vote indicates a potential turning point. The legislation is expected to be debated and potentially modified during the July session, with hopes of addressing the industry’s need for clarity and a transitional framework.

For the bills to become law, they will require support from Democrats in the Senate and the signature of President Joe Biden. This crucial legislative session could mark a significant advancement in crypto regulation, providing a much-needed framework for the industry and paving the way for broader adoption and acceptance.