• The Chamber of Digital Commerce is calling on the US Congress to pass legislation for digital assets.
• Two different stablecoin bills have emerged ahead of a House Financial Services subcommittee hearing, but no comprehensive bill has been passed yet.
• Sens. Cynthia Lummis and Kirsten Gillibrand plan to introduce a revised version of the Responsible Innovation Act.
Chamber of Digital Commerce Calls for Crypto Legislation
The Chamber of Digital Commerce is advocating for the US Congress to pass legislation for digital assets. Members such as Binance, Circle, and Fidelity Investments are pushing lawmakers to create a “Digital Asset and Blockchain Technology Solarium Commission” similar to one created in the wake of World War ll and amid the Cold War. This commission would provide leadership and guidance for research and development in this field.
Stablecoin Bills Emerge Ahead Of House Hearing
Two different stablecoin bills divided across party lines emerged ahead of a House Financial Services subcommittee hearing on Thursday. These bills differ in how much power they give state regulators to approve stablecoin issuers.
Senators Plan To Introduce Revised Responsible Innovation Act
Sens. Cynthia Lummis, R-Wyo., and Kirsten Gillibrand, D-N.Y., plan to introduce a revised version of the Responsible Innovation Act this spring that will be more detailed when defining tokens and clarify definitions related to crypto regulation.
Need For Collaboration And Consensus
The Chamber of Digital Commerce stressed the need for collaboration from government, industry, and academia in order to provide indispensable leadership and guidance for U.S blockchain and digital asset research and development moving forward.
Comprehensive Crypto Regulation Still Pending
Despite several attempts at passing crypto legislation, lawmakers have yet failed to do so as there remains division between House Democrats and Republicans over how best regulate stablecoins..