In this year’s edition of the annual defence budget bill, the United States House of Representatives added a crypto clause.
A section from the Eliminate Barriers to Innovation Act is included in the National Defense Authorization Act, which lays out defence policy principles and authorises spending within the boundaries of the United States military’s priorities. The defence bill has broad bipartisan support and is considered a must-pass bill. The addition of the language to the bill, which the House cleared on Thursday, indicates that the crypto provision may soon become law.
The Senate must yet vote on its own version of the bill before the two legislative bodies meet to reconcile their versions. The final bill must be voted on by the entire Congress. Rep. Patrick McHenry (R-NC) introduced the proposal, which aims to improve the United States’ worldwide competitiveness by clarifying how cryptocurrencies are regulated.
The proposed law would force the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to explicitly specify which agency is in charge of specific components of the cryptocurrency market. If passed, Congress would form a working group of SEC and CFTC representatives within 90 days of the bill’s passage.
Non-governmental members from fintech and small enterprises, among others, are likely to join the panel.
Over the course of a year, the committee would be required to study current regulations and their influence on primary and secondary markets, as well as provide a report detailing how the current regulatory system affects the competitiveness of the United States.