In a significant development, industry-backed legislation aimed at regulating the crypto market, along with a more focused approach on regulating stablecoins, garnered bipartisan support from the House Financial Services Committee. However, the journey for these bills hit a roadblock as they failed to progress beyond the committee stage.
Efforts to advance the legislation faced a setback when the committee’s chairman, McHenry, made a last-ditch attempt to attach both measures to unrelated defense legislation, which ultimately proved unsuccessful.
The Senate, led by Banking Chairman Sherrod Brown, presents a formidable challenge for these crypto-related bills. Brown, a known crypto skeptic, expressed his reservations in an interview, stating that neither of the bills is expected to make headway in the Senate.
This latest development underscores the complex landscape of crypto regulation, with differing perspectives and challenges to navigate, leaving the fate of these industry-backed legislative efforts hanging in the balance. Stay tuned for further updates as the crypto regulatory saga continues to unfold on Capitol Hill.