Crypto has leapt the first few hurdles of U.S. lawmaking, finally getting full-fledged bills past the initial committees in Congress. But is the industry ready for the really hard part? By jesseahamilton
Getting past the House committee stage marks a major win for crypto legislation, but if the overall House approves them, the bills face a potentially hostile Senate and White House.
Three major fronts have emerged in digital assets legislation. One effort would finally set up wide-ranging rules for the industry, another would address stablecoins and a third would tackle the dangers of money laundering in crypto. They all saw a surge forward last week, but each of them also faces a minefield that may be insurmountable in the short term.
“I think market structure, realistically, it’s going to probably be a two-year thing,” said Ron Hammond, director of government relations for the Blockchain Association in Washington. But he said crypto proponents are “really pleasantly surprised” by how the Republican-driven initiative cleared the two committees. “The market structure bill won a variety of Democrats on a variety of fronts.”from Sens.
Rep. Patrick McHenry , chair of the House committee voting on the bill, railed against this 11th-hour interference that robbed the effort of most of its potential Democratic support. However, the public markup hearing – as contentious as it was – ended with several Democrats again defying the opposition of ranking Democrat Rep. Maxine Waters and voting yes to send it to the floor.
To get to the president’s desk this year, lawmakers from both chambers will have to let it slide through in the combined defense package that melds the versions from the House and the Senate. It’s uncertain whether this provision will make the cut during those negotiations, but Seiberg argued it has a good chance.that would insist on Bank Secrecy Act money-laundering controls on crypto entities, including miners, validators and digital wallets. The bill is also backed by Sen.
When it comes to crypto issues, bank lobbyists’ usual friendliness with Republicans has sometimes been turned on its head. While crypto lobbyists have liked to say digital assets are nonpartisan, Republicans have generally stepped forward as the industry’s most reliable allies, but a lot of murkiness remains. And the fact that Democrats broke ranks to push the latest legislation forward isn’t going unnoticed. Democratic Reps.
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