The U.S. House of Representatives has updated the regulation of the crypto industry, with the presentation expected this week. Congressman Bryan Steil believes that digital assets are entering a “golden age.”
This is reported by Finway
Publication of the Bill
The U.S. House of Representatives plans to publish the updated text of a key bill that defines the structure of the digital assets market. According to Crypto in America, the publication will take place during a procedural session occurring during the congressional recess. Although such sessions typically do not involve active legislative work, they allow for the formal submission of documents for consideration.
The update is the result of a legislative initiative introduced by Republicans in early May, including:
- Chairman of the Financial Services Committee French Hill,
- Chairman of the Agriculture Committee G.T. Thompson,
- Chairman of the Digital Assets Subcommittee Bryan Steil,
- Chairman of the Agricultural Subcommittee on Digital Assets Dusty Johnson.
Importance of the Bill
This document is considered the foundation for regulating the crypto market in the U.S., an industry valued at over $3.4 trillion according to CoinMarketCap. Congressman Bryan Steil noted during the Bitcoin conference in Las Vegas:
“When both bills pass, it will open a ‘golden age of digital assets’ in the U.S.”
On June 4, the House Financial Services Committee will hold a hearing on the bill titled “American Innovation and the Future of Digital Assets: From Blueprint to a Functional Framework.” Additionally, a discussion on amendments to various legislative initiatives is scheduled for June 10, but the participation of this bill in the discussion has not yet been confirmed.
In the Senate, preparations are underway to consider amendments to the bipartisan stablecoin bill (GENIUS Act), with the aim of passing the document before the August recess of Congress. Coinbase’s Chief Legal Officer Paul Grewal expressed confidence that legislation on stablecoins could be passed in time and added that he is “cautiously optimistic” about market structure reform, although he considers the end of the year a more realistic timeline.
It is worth noting that the Senate has expressed its support for the GENIUS bill, which prompted thoughts from Bitwise’s Director of Investments Matt Hougan about the multi-year growth of the crypto market.