Yesterday the House Financial Services digital asset subcommittee held a hearing on charting a path forward on digital assets. There’s a consensus that stablecoin legislation is urgent, with multiple Bills circulating. However, there’s also a need for legislation around market infrastructure, including regulating crypto exchanges. Last year the House passed the FIT 21 Bill, but there was less progress in the Senate. One of the topics discussed during the hearing was whether the SEC could provide a solution in the interim.
A takeaway from the hearing is a lightweight alternative to a full crypto infrastructure Bill such as f FIT 21. For now legislation may only be needed to make the CFTC the regulator of spot crypto commodity markets. The steps might involve:
Even if that’s not the long term solution, it might be the fastest interim one.
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