Crypto effort in House gathers steam, could gain allies in Lummis, Gillibrand
to govern digital assets were part of an agenda released by the Biden administration last year.
Thompson authored legislation around spot crypto markets last Congress, and his committee has jurisdiction over commodities laws, since a number of commodities come from the agriculture industry. The Pennsylvania Republican told The Block his committee was starting “from scratch” in this effort while “working collaboratively” with the Financial Services Committee, but that the two chairs are on the “same page.
That said, the Financial Services Committee holds the lion’s share of jurisdiction on the topic, with the power to rewrite securities laws central to crypto market regulation. “We’re going to try to work with them and see if we can find ways to dovetail our concepts,” said Lummis. “So now it’s going to look a little different, I suspect, but because we’re trying to merge ideas, we’re hoping that once we get the merged product, that it’s going to be easier to move.”
Treasury Secretary Janet Yellen signed off on recommendations for new laws around stablecoins and crypto firms in October. The Treasury Department and McHenry's staffduring stablecoin talks last year, but he said on Wednesday that the Biden administration was working with him and his staff, at least on stablecoins legislation.
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