Several bills that would develop a regulatory framework for cryptocurrencies will be put to vote at a key congressional committee this week.
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.
It will be the first time crypto regulatory bills will be put to a vote in Congress and it remains to be seen if the bills will garner any Democratic support.
“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.
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Updated: 26 Jul 2023, 08:48 PM IST