According to Cynthia Lummis and Patrick McHenry, the President will sign crypto legislation within the next year

Senator Lummis and Representative McHenry provide an update on their efforts to advance digital asset legislation in both chambers of Congress.

At Consensus 2023, Republican policymakers Patrick McHenry and Cynthia Lummis, both of whom are enthusiastic supporters of cryptocurrencies, updated attendees on the latest developments in digital asset legislation.

The former believes that President Biden will have signed the first measure explicitly establishing cryptocurrency regulations within the next twelve months.

During Friday’s panel discussion, Lummis clarified that the next portion of her digital asset regulation measure, the Responsible Financial Innovation Act, will be introduced to the Senate within the next 6 to 8 weeks.

The legislation, which was co-authored with Senator Kirsten Gillibrand, aims to bring regulatory clarity to many aspects of the digital asset industry, including the classification of cryptocurrencies as securities or commodities.

Unlike its June draft, this measure will include strengthened sections pertinent to national security protection and cybercrime suppression.

Regarding the House, House Financial Service Committee (HFSC) chairman McHenry confirmed that the HFSC and Agricultural Committee will conduct their first joint hearing on the market structure encircling digital assets in May.

In the next two months, the group intends to draft a bill that establishes a framework for digital assets to transition from securities to commodities while leaving space for assets that do not clearly fall into either category.

When asked if the President will sign any digital asset legislation within the next year, McHenry concurred. Due to the bill’s inability to pass in her chamber on a partisan basis, Lummis believes that the House will likely act first in having legislation passed before the Senate.

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