- US congress will begin its markup of a stablecoin bill and a crypto regulation bill today.
- Proponents believe the Fed should control stablecoins, while SEC and CFTC handle securities and commodities, respectively.
- A bill usually undergoes years of amendments and rewrites for it to become law.
The US House of Representatives will begin its session to amend and possibly establish the much-awaited regulatory framework for the crypto industry in America today.
According to Rep. French Hill via an interview with CNBC, two bipartisan bills will be tackled which are a stablecoin bill and a digital asset bill — with the latter being filed just last week. Rep. Hill, a member of the Republican party, explained that he has been working closely with the Democratic party specifically for this endeavor.
What is going to happen today is the markup of the two crypto bills. This means that the bills will be heavily debated and subjected to amendments — and possibly rewrites — to better fit the needs of the American crypto sector.
When asked who is being proposed to become the official overseer of the crypto industry, Hill explained that for stablecoins, it will be the US Federal Reserve. For cryptocurrencies that are deemed securities, the Securities and Exchange Commission (SEC) will be in charge.
Meanwhile, assets that are perceived to be commodities will be regulated by the Commodity Futures Trading Commission (CFTC).
So far, the crypto assets that are safe to be assumed as the latter are Proof-of-Work (PoW) currencies like Bitcoin, Litecoin, and Dogecoin, as well as XRP, which recently did not qualify as a security, as per Judge Analisa Torres’ ruling.
A house markup usually takes some time to finish. In many instances, it may take years for an approved amendment of the bill to become law.
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