Coindesk

AUSTIN, Texas – The U.S. House Financial Services Committee and House Agriculture Committee will put together legislation to oversee the crypto sector in the "next two months" after holding joint public hearings starting May, said Rep. Patrick McHenry (R–N.C.), chair of the House Financial Services Committee.

When asked whether such a bill could be signed by President Joe Biden in the next 12 months, McHenry told a crowd at CoinDesk's Consensus 2023 event, "yes." The key lawmaker was quick to provide a rider that it's always a challenge to legislate something new into existence.

"What we plan to do over the next two months is report a deal out," McHenry said, adding that the bill will address both securities and commodities regimes and issues that are hard to fix on either side.'

Sen. Cynthia Lummis (R-Wyo.), the other panellist during the session, said she looked forward to coordinating those efforts with McHenry, adding that the House had a better chance than the Senate at getting legislation through earlier. She said if the House moves first on crypto, it would "improve our chances" in the Senate.

"We have tried to keep partisan tinge off this subject," Lummis said. "This is a bipartisan subject we need to address before the 2024 election."

The U.S. Congress has so far been unable to get comprehensive legislation on crypto passed despite a number of bills making progress on Capitol Hill last year.