Apr 29, 2023

House Committees to Introduce Crypto Bill in 2 Months

The U.S. House Financial Services Committee, under the leadership of Chairman Patrick McHenry, is set to hold a series of joint hearings in May to address the market structure of digital assets. The announcement was made on April 27th in a joint statement from McHenry, Glenn Thompson, Chairman of the House Agriculture Committee, French Hill, Chairman of the Digital Assets, Financial Technology and Inclusion Subcommittee, and Dusty Johnson, Chairman of the Commodity Markets, Digital Assets, and Rural Development Subcommittee.

McHenry spoke about the upcoming hearings during the 2023 Consensus event on April 28th, saying: “We’re going to hold joint hearings when we return in May. This is going to be the first time we have had a holistic view for a house committee hearing around the regulation, our market structure around digital assets, and a holistic view of it.”

The aim of the hearings is to establish a bill providing regulatory clarity to the crypto sector, which would add to the work being done on the bipartisan bill led by Senators Cynthia Lummis and Kirsten Gillibrand. The Responsible Financial Innovation Act, initially introduced in June 2022, addresses Securities and Exchange Commission (SEC) and Commodities Futures Trading Commission (CFTC) jurisdiction, stablecoin regulation and crypto taxation, among other things.

Lummis suggested that the revised bill will likely have an additional focus on “national security interests” such as cyber security. “Some of the people that I speak to that remain very skeptical about digital assets are concerned that cybercrime is not adequately addressed in our bill. So I think you’ll see a stronger cybercrime aspect to our bill. I think you’ll see some provisions that require certain registration […] so that companies are properly regulated and vetted,” she said.

The upcoming hearings will focus on a variety of topics related to digital assets, including the promotion and marketing of Non-Fungible Tokens (NFTs). As the popularity of NFTs continues to grow, the need for a comprehensive NFT marketing strategy is becoming increasingly important. A comprehensive NFT marketing strategy should include both online and offline methods, such as Twitter NFT marketing, as well as the use of a specialized NFT marketing agency or web3 agency to handle the promotion and selling of NFTs.

The hearings will also address the need for a clear regulatory framework for digital assets. While the U.S. has yet to establish a comprehensive regulatory framework for digital assets, the hearings will provide a platform for stakeholders to discuss the need for such a framework.

The hearings are expected to be highly informative and will undoubtedly provide valuable insight into the future of digital assets in the U.S. As the crypto sector continues to grow and evolve, the need for regulatory clarity and a comprehensive NFT marketing strategy is becoming increasingly important.

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