USA: Crypto regulation before the elections?  It's possible !

As crypto continues to grow in popularity and adoption, the issue of their regulation remains a hot topic in the United States. However, some key lawmakers are expressing optimism that meaningful crypto regulation can be passed before the midterm elections next November.

New momentum with Republican leadership changes

According to Representative Patrick McHenry and Senator Cynthia Lummis, both Republicans, recent leadership changes within the Republican Party in the House of Representatives have given new momentum to crypto regulatory efforts.

Mike Johnson’s replacement of Kevin McCarthy as Speaker of the House was particularly praised by McHenry. He highlights Johnson’s ability to pass laws, notably citing a recent budget deal crucial to avoiding a federal government shutdown.

This new dynamic would present rare opportunities to pass cryptocurrency-related laws during an election year, usually less conducive to major new bills.

Two priority bills for crypto

McHenry shows up particularly optimistic regarding two specific bills: the “Keep Innovation in America Act” and the “Clarity for Payment Stablecoins Act”.

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The first aims to reform the crypto market as a whole, while the second deals specifically with the regulation of stablecoins, these cryptos backed by a fiat currency like the dollar.

The regulation of stablecoins is also a subject that the Biden administration has already identified as a priority in a 2022 executive order emphasizing the need for supervision of these digital assets.

For her part, Senator Lummis also highlighted the increased prospects for a bipartisan agreement, notably thanks to the Democratic Party’s openness to discussing legislation on stablecoins. She sees the regulation of stablecoins as the most realistic area for rapid legislative action.

Despite the usual political differences, McHenry and Lummis believe that their efforts on crypto regulation could help ease partisan tensions, highlighting the transpartisan nature of this issue. Their joint stance suggests a growing consensus on the importance of establishing a clear regulatory framework for the crypto industry. If this new lease of life comes to fruition, it could mark a decisive turning point for the future of digital assets in the United States and provide the clarity long awaited by players in this booming sector.

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