Crypto bills to face congressional committee vote

economictimes.indiatimes.com:

congressional committee is set to vote this week on several bills that would develop a regulatory framework for cryptocurrencies, a milestone for Capitol Hill in its efforts to codify federal oversight for the digital asset industry. The crypto industry has been in the regulatory crosshairs since investors were burned last year by sudden collapses of Celsius Network, Voyager Digital, FTX and other companies.

Among the legislation the House Financial Services Committee is considering on Wednesday and Thursday are a bill that would define when a cryptocurrency is a security or a commodity and another that would establish a regime to oversee stablecoins — digital tokens typically backed by traditional assets like the U.S. dollar.

The markups — where legislation is debated and brought to a vote, paving the way for a full vote by the House of Representatives — are the first time crypto regulatory bills will be put to a vote in Congress, a victory for crypto lobbyists that have pushed lawmakers to provide regulatory clarity for the industry. «Obviously we've had some important decisions come from the courts in the past, but this is by far the most significant legislative moment that we've had,» said Kristin Smith, CEO of the Blockchain Association.

Still, it remains to be seen if the bills will garner any Democratic support, a factor seen by many as crucial to the bills' ultimate chances of becoming law. The measures also would likely face obstacles in the Democratic-led Senate, where the head of the Senate Banking Committee, Sherrod Brown, has said he is unsure if additional legislation to regulate crypto is necessary.