Patrick McHenry speculated that the hearings will expand on the work being done to regulate the bipartisan measure spearheaded by Senators Cynthia Lummis and Kirsten Gillibrand.
In order to address the market structure of digital assets in the United States, House Financial Services Committee Chairman Patrick McHenry has planned a series of joint hearings to be held in May.
On April 28, as part of a panel with crypto-friendly Senator Cynthia Lummis at the 2023 Consensus event, McHenry provided additional context for the forthcoming proceedings.
McHenry also emphasized that the purpose of the proceedings is to establish a bill that provides regulatory clarity to the cryptocurrency industry, which complements the work on the bipartisan bill being headed by Senator Lummis and Senator Kirsten Gillibrand.
The Responsible Financial Innovation Act, also known as the Lummis-Gillibrand bill, was introduced in the U.S. Senate in June 2022 and addresses, among other things, SEC and CFTC jurisdiction, stablecoin regulation, and crypto taxation.
The expansive bill has encountered delays, likely due to its complexity for Senators unfamiliar with cryptography. Since then, Lummis and Gillibrand have revised the measure, and the next iteration is expected to be released shortly.
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