In a remarkable announcement at Consensus 2023, Republican crypto-advocates Senator Cynthia Lummis and Congressman Patrick McHenry revealed the latest developments in digital asset legislation. Both politicians are confident that President Biden will sign the first crypto-focused bill into law within the next 12 months.
Senator Lummis discussed the progress of her Responsible Financial Innovation Act, co-authored with Senator Kirsten Gillibrand. The bill, which aims to provide regulatory clarity for the digital asset industry, will be presented to the Senate within the next 6 to 8 weeks. The updated legislation will feature strengthened sections focused on national security and combating cybercrime.
Congressman McHenry, the chairman of the House Financial Service Committee (HFSC), shared that the HFSC and the Agricultural Committee will hold their first joint hearing on digital asset market structure in May. Over the following two months, the group plans to draft a bill that establishes a framework for digital assets to transition from securities to commodities, and accommodates assets that don’t fit neatly into these categories.
Both Lummis and McHenry agree that the House is likely to advance legislation before the Senate due to the bipartisan nature of the issue. They stressed the importance of addressing digital asset regulation before the 2024 election, marking a significant step forward for the crypto industry in the United States.