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Cynthia Lummis and Patrick McHenry Announce President’s Intent to Sign Crypto Legislation Within a Year (Consensus 2023 LIVE)
Republican lawmakers supportive of cryptocurrency, Patrick McHenry and Cynthia Lummis, shared the latest developments regarding digital asset legislation at Consensus 2023, expressing a strong sense of optimism.
McHenry anticipates that President Biden will sign the first bill establishing regulations for cryptocurrency within the upcoming year.
Advancements on the Lummis Bill
During their panel on Friday, Lummis clarified that the next version of her digital asset regulation bill, the Responsible Financial Innovation Act, is set to be introduced in the Senate within the next 6 to 8 weeks.
This legislation, co-authored with Senator Kirsten Gillibrand, aims to provide regulatory clarity across various sectors of the digital asset industry, including the classification of cryptocurrencies as either securities or commodities.
In contrast to its initial draft released in June, this version will incorporate enhanced provisions focused on safeguarding national security and addressing cybercrime.
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“We want to maintain the essential aspects of the framework that ensure a well-defined regulatory environment for both innovators and regulators,” Lummis stated.
Patrick McHenry and Cynthia Lummis (Consensus 2023)
The House’s Initiatives for Crypto
Regarding the House, McHenry, who is the chairman of the House Financial Service Committee (HFSC), confirmed that the HFSC and Agricultural Committee will conduct their first joint hearing on the market structure related to digital assets this May.
In the coming two months, the committee intends to draft a bill that establishes a framework for digital assets to transition from securities to commodities, while also accommodating certain assets that do not fit neatly into these classifications.
When asked if any digital asset legislation would be enacted by the President within the next year, McHenry concurred. “I am confident that I will be able to produce a bill out of the House,” he added.
Lummis believes the House is likely to advance legislation before the Senate, given the challenges of passing the bill on a partisan basis in her chamber. “This is a bipartisan issue that must be addressed prior to the 2024 election,” she remarked.
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