The U.S. House of Representatives Financial Services Committee will vote this week on several bills that would create a regulatory framework for cryptocurrencies.
This would be a milestone in Capitol Hill’s efforts to codify federal regulations for the digital asset industry.
The legislation the committee plans to consider includes a bill that would define when cryptocurrencies are securities or commodities, and another bill that would establish a system to regulate stablecoins.
It would be the first time a cryptocurrency regulation bill has been put to a vote in Congress and a victory for cryptocurrency lobbyists.
It remains to be seen, however, whether the bills will garner support from Democrats, whom many believe will be crucial to their eventual passage into law.
The measures could also face obstacles in the Democratic-led Senate, where Senate Banking Committee Chairman Brown said he was unsure whether additional legislation to regulate cryptocurrencies would be necessary.
