US Crypto Bills Delayed Until 2024 Due to GOP Leadership Disputes

• US Crypto Legislation: The Road to 2024
• Towards A Comprehensive Regulatory Framework
• The Role of U.S. Rep. French Hill (R-Ark.)
• The Impact of Internal Conflict
• Stablecoin Bill: A Ray of Hope for 2024
• Challenges and Opportunities
• The Role of U.S. Department of the Treasury
• Why Regulation is Essential
• The Importance of Education

US Crypto Legislation: The Road to 2024

Republican lawmakers had set their sights on introducing U.S. crypto legislation to the House in the current year. However, key policymakers are now looking towards 2024. Democrats, who have been part of the negotiation on the legislation, believe that success in the House could pave the way for approval in the Democrat-controlled Senate.

Towards A Comprehensive Regulatory Framework

Legislators responsible for much of the groundwork had previously hoped that U.S. crypto legislation could secure approval from the House of Representatives this year. Now, 2024 is being considered the potential year when digital assets bills may be passed in the Republican-controlled chamber. Despite these efforts, there is still a significant challenge ahead in the Senate, where Democrats hold majority power.

The Role of U.S. Rep. French Hill (R-Ark.)

U.S. Rep. French Hill (R-Ark.), the head of the House Financial Services Committee's subcommittee focusing on digital assets, has stated that deliberation on two significant crypto bills has likely been pushed into early 2024. These bills aim to regulate U.S. stablecoin issuers and establish a comprehensive system of rules for crypto markets.

The Impact of Internal Conflict

The recent internal dispute among House Republicans over the appointment of a new speaker has stalled necessary legislative time, according to Hill. He shared these sentiments at a Blockchain Association event held in Washington. This internal conflict has caused a slight setback in the progression of the legislation.

Stablecoin Bill: A Ray of Hope for 2024

Sen. Cynthia Lummis (R-Wyo.), also present at the event, believes that the stablecoin bill could make more headway in 2024. She has been advocating for comprehensive crypto legislation in the Senate.

Challenges and Opportunities

Rep. Jim Himes (D-Conn.), a key player in the House negotiations for both bills, has urged the crypto industry to counterbalance the concerns raised by U.S. Securities and Exchange Commission Chair Gary Gensler and external groups. Showing support for the crypto bills despite party opposition, Himes stressed that a strong bipartisan vote in the House could potentially sway the Senate Democrats towards the legislation.

The Role of U.S. Department of the Treasury

In a recent development, the U.S. Department of the Treasury put forward policy proposals relating to crypto and illicit finance. This move may signal the administration's willingness to negotiate, which could persuade the Senate Democrats.

Why Regulation is Essential

Hill asserts that instances such as the collapse of FTX$3.28 -5.38% last year and the recent legal action against Binance underline the need for robust regulation. In his view, a lack of regulations will only benefit illicit finance. However, even if the crypto bill passes the House next year, it will still require Senate approval and a presidential signature to become law.

The Importance of Education

Sen. Kirsten Gillibrand (D-N.Y.), who has collaborated with Lummis on crypto legislation, has warned that passing laws can be a lengthy process. She also emphasized the need for the industry to continue educating the public about cryptocurrency.

Edited by Jonathan Stoker