Main points
- Republicans gain majority in U.S. House of Representatives, This could lead to a shift in focus towards cryptocurrencies.
- With Rep. Patrick McHenry retiring in 2025, Republicans to take control of House Financial Services Committee.
- Maxine Waters, the top Democrat on the committee Has been the driving force behind stablecoin regulation.
Republicans retain House majority, paving way for cryptocurrency legislation
Republicans successfully maintained control of the U.S. House of Representatives. The win could lead to a shift in focus to digital assets. With Republicans in the majority, pro-crypto lawmakers are likely to push for new cryptocurrency-related bills.
according to Associated PressThe Republicans gained 218 seats and the Democrats retained 208 seats. So Republicans can now take charge of House Financial Services Committee.
This important committee oversees important agencies, including the Securities and Exchange Commission, the Federal Reserve, and other federal agencies.
Rep. Patrick McHenry, a Republican from North Carolina, serves as chairman. However, he will retire January 2025 to create opportunities for new leaders to step in.
McHenry played a key role in pushing for the stablecoin regulatory bill. He also created a law aimed at shaping the structure of the cryptocurrency market. The bill gives the Commodity Futures Trading Commission control over “digital commodities.” Additionally, it holds the SEC accountable for digital assets in investment contracts.
McHenry’s efforts thus lay the groundwork for clearer rules in the cryptocurrency space.
The committee may elect a new chair this month or in December. Reps. French Hill of Arkansas, Andy Barr of Kentucky, Bill Huizenga of Michigan and Frank Huizenga of Oklahoma Frank Lucas is being considered for the position.
All these lawmakers support cryptocurrencies. Hill, for example, leads the committee’s digital assets group. He works to pass cryptocurrency-related bills, including one on stablecoins.
The Republican-led committee is likely to focus first on stablecoins and market structure. After that, there may be a move to DeFi and NFT. Ron Hammond, Director of Government Relations, Blockchain Association This insight was shared with neighborhood. He explained that these topics may be prioritized.
Maxine Waters pushes for bipartisan stablecoin deal to pass in 2024
Maxine Waters of California is the current Democratic leader of the House Financial Services Committee. She was instrumental in pushing the stablecoin bill.
Waters worked hard to get this bill passed. She said she would like to see it completed. The bill has the potential to pass before the end of 2024; Waters has been willing to work with others to make that happen. Her efforts aim to provide clearer rules for stablecoins.
Maxine Waters speaks at a congressional hearing in September. She called for a “big bargain on stablecoins,” urging lawmakers to come together to reach a deal.
Waters hopes to complete deal before year-end. She believes doing so will help establish clear rules for stablecoins.
During the hearing, Maxine Waters spoke directly to Patrick McHenry. She reminded him of her previous statement about bipartisanship.
“I’ve made a public statement to you about bipartisanship,” Waters said. Then she challenged him, asking: “Let’s see what you do with it.”
View all posts by Rida Fatima
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