In the coming weeks, we are going to hear and see an explosion in crypto news about crypto legislation being voted on in the House of Representatives. Now this vote will not be before the whole House rather it will be a procedural move by the House Financial Services Committee which will vote on the legislation to send legislation to the floor for that full vote. While the exact contents of the legislation are not known and I haven't even heard any gossip in the halls about it there are a few things that I feel will be in this.
We will see BTC and ETH be clearly defined as commodities.
This does fall short of crypto overall but in defining BTC and ETH the legislation will allow other cryptos to fall within those defined regulations. Those are the two largest market caps and so it shouldn't be a surprise to see Congress focus on these first and then adjust the rules as needed.
The CFTC and SEC will get clearly defined roles.
Right now both agencies have claimed in various forms to be the true regulator and the legislation will have to address this. I know we want good ol Gary to be absolutely stripped of everything to do with crypto I doubt that will happen. Instead, we are likely to see a pretty significant curtail of the SEC powers in this industry with whatever powers are left being limited. Congress overall has told Gensler he is on notice for his random shotgun actions since they have affected both traditional finance and the crypto industry.
Stablecoin Clarity
For the last year or so there has been a lot of back and forth about stablecoins and their backing or lack thereof. Right now there are two camps and each is pretty dug in with how they want stablecoins to be regulated. I expect that a breakthrough will be announced soon that will break either one way or the other for the respective camps. Right now though it isn't exactly clear but I would assume a safe harbor will be implemented nonetheless for various stablecoins to come into regulatory approval.
Final Thoughts
Now I am 110% sure that there will be more covered in this legislation but these are the three things that I think that we all know for certain are going to appear in the legislation. As soon as it breaks or leaks I will be sure to read through it and let yall know what the pros and cons of it are. Given the various drafts seen over the years though these are a couple of the things that I am pretty sure are going to appear and really what they will encompass.
Please know I am not a financial advisor and make sure you do your own research! If you enjoyed this article and would like to support me further below are a few referral links that if you used when signing up I would appreciate it! Also, follow me on Twitter @Cje95_
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