Legislative Efforts on Cryptocurrency Regulation
In an effort to solidify regulations for the cryptocurrency landscape, the U.S. Congress is ramping up its legislative agenda surrounding the architecture of the crypto market and the governance of stablecoins. French Hill, the Chairman of the House Financial Services Committee, has revealed that the committee will hold a second hearing on this topic on June 4, followed by a review of pertinent legislation scheduled for June 10. Given that there are fewer than 70 days left before the legislative deadline set for August 4 by President Donald Trump, many industry insiders remain doubtful about the swift progress of the market structure bill.
SEC’s Engagement with Stakeholders
Meanwhile, the SEC’s cryptocurrency working group has been proactive in its engagement efforts, holding 104 meetings with various stakeholders in the cryptocurrency sector to identify potential regulatory approaches. This includes discussions around enhanced regulatory clarity and the introduction of mechanisms like a safe harbor for crypto projects.
Focus on Stablecoins and Upcoming Legislation
Regarding stablecoins, the GENIUS Act, which has already gained Senate approval, may soon be sent to the House before culminating in a presidential signature, potentially making it a priority ahead of the market structure discussions.
Legislators at Cryptoconference
This week, Congress is on a break, with several legislators known for their pro-crypto stance, such as Vice President J.D. Vance, Senators Lummis and Hagerty, Michael Saylor, and members of the Trump family, attending a significant conference taking place in Las Vegas. Their participation is expected to shape the ongoing dialogue about cryptocurrency regulation.
