Because the regulatory landscape for the crypto industry within the US continues to evolve positively—marked by a drop in enforcement actions from the Securities and Exchange Commission (SEC)—lawmakers in Congress are intensifying their efforts to pass crucial laws that supports the expansion of digital assets.
This week, several key developments are set to shape the long run of crypto regulation, as outlined by Ron Hammond, Director of Government Relationships and Institutional Engagement on the Blockchain Association.
Congress Resumes Crypto Focus
In a recent social media update on platform X (formerly Twitter), Hammond highlighted the continued work in Congress, stating, “Congress is back and the grind continues with key nomination hearings and progressing on stablecoin laws.”
Hammond emphasized that while stablecoin regulation is taken into account certainly one of the more straightforward priorities for Congress, significant challenges remain before any laws can develop into law.
Probably the most pressing event this week highlighted by Blockchain Associatoin’s Director is the nomination hearing scheduled for Thursday, during which the Senate Banking Committee will consider several pivotal appointments.
Paul Atkins for SEC Chair, Jonathan Gould to steer the Office of the Comptroller of the Currency (OCC), and Luke Pettit as Assistant Secretary of Financial Institutions, three of essentially the most key appointments expected to have a positive impact for crypto.
Although the SEC lacks a confirmed chair, it has been lively in various court cases and is hosting its first-ever Digital Assets Roundtable, led by Acting Chair Mark Uyeda, a pro-crypto commissioner who has distinguished himself by opposing the previous administration’s regulation-by-enforcement approach.
Hammond suggests that the discussions led by the SEC’s task force run parallel to the continued conversations in Congress, particularly regarding market structure, which has significant implications for the long run of the crypto market.
Congress Moves Closer To Finalizing Bill For Presidential Approval
Hammond also pointed to the importance of stablecoins in the present legislative agenda. He notes that the Senate Banking Committee has been slow to vote on laws, but when it does, the outcomes typically carry weight.
The Director highlighted the last major bill that received a vote was a regulatory relief bill in 2017, and the present stablecoin debate has garnered more support than that bill, further boosting the potential to realize official approval.
The subsequent step for stablecoin laws is a vote in front of your complete Senate, while the House of Representatives can also be gearing up to deal with its own stablecoin bill, with a vote anticipated next week. Ultimately, each bills will must be reconciled, setting the stage for a more comprehensive regulatory framework.
Interestingly, Hammond asserted that if all goes as planned, a finalized stablecoin bill could possibly be on its approach to President Donald Trump’s desk as early as this summer.
Once stablecoin regulation is established, Hammond notes that Congress will turn its attention to more complex issues related to market structure, a process that is anticipated to take considerably longer.
Featured image from DALL-E, chart from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and every page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.