Lobbyists are focused on a discussion draft bill by the Republican chairs of the House Financial Services and Agriculture committees, Patrick McHenry and Glenn Thompson respectively, which would define when a cryptocurrency is a security or a commodity. It would expand the Commodity Futures Trading Commission’s (CFTC) oversight of the crypto industry, while clarifying the SEC’s jurisdiction.
It is the most comprehensive of several crypto bills floated in recent years, with the greatest chance of becoming law, lobbyists say. That is because of the close cooperation between the committees that oversee the CFTC and SEC, which are often accused of vying for crypto oversight. With Democrats’ support, the bill could have a shot in the Senate.
Source: Analysis: U.S. crypto lobbyists court Democrats in fresh legislative push | Reuters
