The House Financial Services Committee chairman, in his final year in Congress, is still optimistic about passing a U.S. stablecoin bill, and Sen. Cynthia Lummis said the Senate’s majority leader is open to it.
The House Financial Services Committee also seemed inclined to adopt a bill giving the U.S. Secret Service more resources to investigate crypto crimes.
Though industry insiders are eying Sen. Elizabeth Warren and other Democrats nervously as they push bills that may be harsh for the crypto sector, a key committee is so far holding off.
The military-linked bill is viewed as must-pass legislation, so lawmakers sometimes try to tack on other things to get them passed, too.
“Many important countries, whether it’s the US, the UK, India, are going in for elections and so, I’m not müddet in 2024 the standards will develop,” Sinha said.
The legislation would tell the U.S. secretary of commerce to officially cheer for domestic blockchain technology, though its path toward becoming a law is uncertain.
Republican Rep. French Hill and Democrat Rep. Jim Himes see potential future floor votes for crypto bills being key to convincing the Democrat-controlled Senate to play ball.
The bill sets the groundwork for defining a virtual asset and how exchanges should operate in the country.
The BitLicense axis between New York and California may draw in other jurisdictions as the states solidify their position as the only regulatory option for crypto businesses in the U.S.
A Democrat in Congress is waging a lonely crusade against off-chain secrecy by calling for exchanges’ internal records to be shared with central repositories.