Last week Congress, for the first time, really focused on and began to execute legislation in the crypto space. It catches people off-guard all the time that Congress has never actually done anything legislatively in the space even though they have talked about it for a couple of years now. This first more or less kickoff for crypto legislation came from the House Financial Service Committee and the Agriculture Committee.     A lot of people have wondered why the Agriculture Committee was involved and the reason for that is in H.R. 4763, the Financial Innovation and Technology for the 21st Century Act the Commodities Future Trading Commission or CFTC will gain regulatory authority over cryptos that are not securities like BTC and ETH. Currently, the CFTC regulates the commodities markets in the US which is where you get/find your wheat, coffee, rice, etc. futures contracts. The CFTC operates 24/7 making them much more suitable than the SEC which is a 9-5 five days a week market.     This bill passed the House Financial Services Committee in a vote where 6 Democrats voted with all of the Republicans in favor of moving this bill to the House Floor. In the Agriculture Committee, there was not a requested vote, and instead, the vote passed by voice after several amendments to the legislation were adopted by both Republicans and Democrats alike. This caught me by surprise since we had seen how testy the crypto bills had been in the Financial Services Committee.       Now you might be wondering "Okay now what's next" and while I know the answer the timeline for this is still very much up in the air.       All of the bills that passed out of the Committees dealing with crypto will join the pool of other legislation that has been passed out of other Committees and is waiting for a full House vote. The House of Reps is out of session until September 12th so really if they got all their ducks in a row and hashed out all the procedural stuff they could vote on it on the 13th. More than likely though they will instead pass through some super softball legislation the first few days back while they hash out this stuff. When it is put on the schedule is up to the Speaker of the House and since it is one of the Republican Pillars for this Congress I would expect to see it sooner rather than later.     There are two big things standing in the way of this being the first issue addressed and that is the government's fiscal year is up at the end of September meaning the government spending bills need to be passed before then. If they are not the government will shut down again and while it won't have much of an effect on everyday citizens in Congress it just causes a huge headache.     The Senate passed their version of the National Defense Authorization Act or NDAA and it has some stuff called riders attached to it. These are amendments that really do not have anything to do with the core legislation and unlike previous Congresses House Leadership has put their foot down and said nothing was going to be attached to the NDAA that does not belong there. Senator Elizabeth Warren had gotten crypto legislation added and so that legislation is dead on arrival to the House.     Once the House reconvenes on September 12th they will be in session for 3 weeks meaning there is more than enough time to get these two things that are ahead of the crypto legislation taken care of and still have time remaining for the crypto leg. I do expect these crypto bills to be split up though because of the issues that appeared with the Stablecoin bill and the Keep Your Coins Act of 2023. First up will likely be the big one which was 212 pages called the Financial Innovation and Technology for the 21st Century Act since it gained 6 Democratic supporters out of 23 total Democrats in the Committee. Outside the Committee there has been additional bipartisan support and the House passing this will force the Senate to act.     Legally speaking the Senate can just ignore and bury the legislation but with 2024 rapidly approaching and this moving out of the House in a bipartisan fashion it would look extremely bad on the Democrat majority as well as the White House. Now they could try to pass some crazy piece of legislation instead but that is not likely again because of optics and how Members of their own party are voting for this. If this plays out how I think it might the House and Senate will pass their versions say they cannot come to an understanding and then enter what is known as a Conference where they negotiate. This is what happened with the CHIPS and Science Bill last year which was passed into law. It takes additional time but in the end, it is much more likely to pass than if the House and Senate just kept shooting bills back and forth at each other.     If you asked me a time frame I would say the House passes their bill either early September or late October with the Senate possibly following it up in November. The conference would be called in December and around March we would get the final bill passed. Again take this all with a grain of salt because the Senate is another beast entirely. They however are much further behind the House in getting their crypto legislation to the Senate Floor since the House's is already there and waiting.    

originally posted in r/cryptocurrency

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