US House to vote on digital asset bill giving CFTC greater power

A U.S. House of Representatives committee formulating digital asset laws will vote on two ‘crypto’ bills in early July. The two bills seek to clearly define regulations for the sector, with the Commodity Futures Trading Commission (CFTC) set to emerge as the big winner in the digital asset regulations race with the Securities and Exchange Commission (SEC).

Rep. Patrick McHenry (R-NC), chairman of the House Financial Services Committee, confirmed that the two bills would undergo debating, amending, and a vote on the second week of July.

McHenry, one of Washington’s most ardent digital asset supporters, drafted the legislation earlier this year. The North Carolina legislator partnered on the initiative with Rep. Glenn Thompson (R-PA), the chair of the House Agriculture Committee, under which the CFTC falls.

For months, Glenn has been pushing for the CFTC to take a bigger role in digital asset oversight. Last year, he introduced the Digital Commodity Exchange Act of 2022, which gives the CFTC jurisdiction over most digital assets. It relegated the SEC to digital assets that fall under the securities category.

As one news outlet reveals, CFTC’s date with destiny is inching closer. In an oversight hearing with Federal Reserve chairman Jerome Powell, McHenry announced that his committee plans on diving into the ‘crypto’ bill in early July.

Aside from the CFTC oversight bill, the committee will debate a draft bill that lays out a comprehensive regulatory framework for stablecoins.

During the July sessions, committee members can suggest amendments to the two bills. The debate will culminate in a vote, and if the bills sail through, they will face a vote on the floor of the House.

According to Sen. Cynthia Lummis (R-WY), the two bills have a better chance in the House of Representatives than in the Senate, where party politics will likely play a big part.

“We have tried to keep partisan tinge off this subject. This is a bipartisan subject we need to address before the 2024 election,” the senator said earlier this year.

Lummis is a digital asset supporter who  introduced a bill last year to offer the industry regulatory clarity.

Watch: US Congressman Patrick McHenry on Blockchain Policy Matters