Cynthia Lummis, Patrick Mchenry (Konsens 2023 Live)

Cynthia Lummis, Patrick Mchenry (Konsens 2023 Live)

The crypto-supporting republican politicians Patrick Mchenry and Cynthia Lummis provided the latest updates for digital assets at the Consensus 2023-and they are very optimistic.

the former believes that President Biden will have signed the first draft law within the next 12 months, which directly defines rules for cryptocurrency.

progress in the lummis calculation

During her panel discussion on Friday, Lummis initially made it clear that the next tranche of its draft law for the regulation of digital assets, the responsible financial innovation act, the Senate is presented within the next 6 to 8 weeks

The legislation-which was written together with Senator Kirsten Gillibrand-is intended to create regulatory clarity in many areas of the digital-asset industry, including the classification of cryptocurrencies as either securities or goods.

In contrast to his first draft published in June, however, this draft law will contain increased sections to protect national security and to combat cybercrime.

"We want to receive the important part of the frame that ensures that we have a well-understood regulatory framework for both the innovators and the regulatory authorities," said Lummis.

Patrick Mchenry and Cynthia Lummis (consensus 2023)

The plans of the house for crypto

In terms of the House of Representatives, Mchenry-who acts as chairman of the House Financial Service Committee (HFSC)-that the HFSC and the Agricultural Committee will hold the first joint hearing on the market structure around digital assets in May.

In the next two months, the group plans to submit a draft law that creates a framework that digital assets develop from securities, and which creates space for some assets do not fit exactly into these categories.

When asked whether the president would sign laws on digital assets within the next 12 months, Mchenry agreed. "I will be able to present an invoice from the house - I am confident," he followed.

Lummis believes that the House of Representatives will probably be the first to bring legislation before the Senate, since the draft law in its chamber cannot be passed on a party basis. "This is a cross -party topic that must be addressed before the 2024 elections," she added.

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