US House Republicans Thompson, McHenry Share Crypto Market Structure Draft Bill – Bloomberg

Republican chairs of two key House committees released a draft bill that would offer a pathway for digital assets that begin as securities to eventually be regulated as commodities.

The draft legislation was unveiled Friday by House Financial Services Committee Chairman Patrick McHenry and House Agriculture Committee Chairman Glenn Thompson. The bill on market structure is meant to act as a jumping off point for discussions between Republicans and Democrats on the two committees, as well as with the Senate, regulators and the private sector, senior staff familiar with the drafting of the proposal said.

The 162-page draft bill will likely face long odds getting the agreement from Democrats in Congress needed for it to become law but it offers a glimpse into Republicans’ thinking on the issue after months of calling for a regulatory framework for digital assets.

Source: US House Republicans Thompson, McHenry Share Crypto Market Structure Draft Bill – Bloomberg