The U.S. House of Representatives is poised to vote in favor of a crypto market structure bill for the first time, in a symbolic effort to radically reshape the country's digital asset regulatory landscape.
Rep. Patrick McHenry , who chairs the Financial Services Committee, told reporters on Tuesday that he hoped for"a substantial vote" in favor of the legislation to demonstrate that there is real momentum for digital asset legislation, a week after the Senate voted in favor of a House resolution that overturned SEC accounting guidance.
Rep. French Hill told reporters on Tuesday that the bill creates a"5-step test on whether something is a decentralized blockchain or not," and includes a roadmap for the regulator to utilize. There's an interim process as well, where companies need to file a"notice of intent to register" with the agencies, he said.Rep.
"The industry has superficially recovered this year, in part due to controversial approval of spot BTC ETPs by the Securities Exchange Commission," the letter said."Yet, the scams, hacks, theft, instability, reckless promotional activities, and regulatory evasion that were present during the last crypto bull market remain endemic in the industry today."
"All told, we believe this bill as written introduces a policy 'cure' that would be far worse than the disease and create significant harm within and far beyond the crypto industry," the letter said.