A proposed effort by Republican lawmakers to establish new regulations for crypto markets in the United States appears to be facing a potential obstacle due to delays in receiving technical feedback from the Securities and Exchange Commission (SEC).
The legislation, aimed at directing U.S. market regulators to clarify the transition process for digital assets from securities to commodities, could grant the Commodity Futures Trading Commission (CFTC) greater authority over crypto commodities markets, particularly in regards to bitcoin trading.
The bill, still without an official title as of Wednesday, involves collaboration between House committees, with the House Agriculture Committee overseeing commodities regulation. Its expected unveiling is scheduled for Thursday, with a markup process planned for next week to address language adjustments and gain additional support from Democrats.
Despite ongoing efforts to garner bipartisan support, the SEC’s delay in providing substantive technical feedback for the complex bill may pose challenges in attracting Democrats to back the legislation, crucial for its passage into law during this Congress.
In a separate context, SEC officials have briefed Democratic members of the House Financial Services Committee on their views regarding digital asset regulation as part of upcoming considerations for bills related to stablecoins and crypto markets regulation in the U.S.