- Cryptocurrency bills are finally getting some recognition from the regulatory committee.
- Democrats pose as a last hurdle toward cryptocurrency-regulated bills.
The cryptocurrency markets have been involved in controversies due to inefficient regulatory frameworks. For a long time, no clarity has been given regarding the bills needed for streamline the regulations. Thus, a breakthrough finally came regarding the regulatory framework of cryptocurrencies when a key congressional committee decided to vote on this matter. This decision taken by the congressional committee has been put in the category of a milestone reached for Capitol Hill as it was working tirelessly to strengthen federal oversight over the digital asset industry. The need for stricter regulations across the crypto markets increased after several exchanges lost their value.
Build up to Crypto-Regulated Bills
In the last few years, the crypto industry has been pelted by regulations due to investors facing major losses. When top cryptocurrency exchanges around the country collapsed suddenly, like Celsius Network, Voyager Digital, FTX, and others. It was time for some decisions to be taken regarding the bills for cryptocurrency regulations.
Moreover, as announced by the House Financial Services Committee, there are a few things to consider beyond the legislation. One is a bill that states cryptocurrency as either a commodity or security. Secondly, establishing a dynamic governing body would oversee the activities of stablecoins which are pegged to the US dollar.
The House of Representatives Congress will vote on crypto regulation bills for the first time. This a landmark achievement for every crypto lobbyist who has stuck to their beliefs. They have continued to push lawmakers regarding a decision on the regulatory framework for the crypto industry.
Kristin Smith, the blockchain association’s CEO, later acknowledged that small decisions taken by the court previously aren’t close to this moment. This might be the most significant decision ever taken on crypto-related matters.
Difficulties Faced by the Crypto-Regulated Bills
Although the bill is set to be presented before Congress, it is Democrats who might pose a hurdle. They are the last obstacle that could stop crypto bills from becoming law in the country. The Democrats have a major say on this matter as they lead the Senate, whose head is Sherrod Brown. He later claimed or questioned whether additional legislation on cryptocurrencies is required or not.
The bill has made quite the waves around the Senate but still requires bipartisan backing. If the Democrats agree on this bill in the next few days, it will be declared law. Most importantly, it is unclear whether the Democrats would stand on the same page as Republicans regarding crypto bills.
To make matters more sweetened for the Democrats, the bill was even modified to suit their requirements. Nevertheless, no positive responses are coming from their side.
With the rise in the adoption of cryptocurrencies across several industries, stabilising its market is an urgent requirement. Therefore, the crypto lobbyist is trying their best to bring a crypto-regulated bill to the table. However, the hurdles faced on this matter are slowing down cryptocurrency’s mass adoption nationwide.