There is currently a “war” underway between U.S. policymakers and the cryptocurrency industry. That’s according to Blockchain Association CEO Kristin Smith, who said at a conference Friday (April 28) that “we are fighting … we’re going to probably be at war for the next 18 to 20 months.” Meanwhile, House Financial Services Committee Chairman Patrick McHenry of North Carolina said a sector framework bill will pass Congress in the next two months. Additionally, U.S. crypto stalwart Coinbase responded in kind to allegations and warnings about the legality of its business model from the Securities and Exchange Commission (SEC) with a new court filing and public statement. As reported by PYMNTS, the House Financial Services Committee and House Agriculture Committee, both of which oversee subcommittees responsible for digital assets, are this month holding a joint subcommittee to craft a workable piece of legislation meant to regulate the crypto industry. “What we plan to do over the next two months is report a deal out,” McHenry said. U.S. lawmakers have so far failed to get a comprehensive policy framework relating to crypto and digital assets passed. Several draft bills made progress last year before ultimately stalling out.The co-author of one of the more promising pieces of legislation, Sen. Cynthia Lummis of Wyoming, said last week that a new and improved version of her “Responsible Financial Innovation Act” will be unveiled over the next two months. “You will see a stronger cybercrime aspect to our bill,” Lummis said, adding that with the European Union’s passage of Markets in Crypto Assets (MiCA), the U.S. is “falling way behind.”
Full Story : Crypto Gears up for Regulatory War While Congress Preps Bill.
