In what could mark a significant turning point for the cryptocurrency market in the United States, market expert Ron Hammond has highlighted a series of key legislative actions expected this week.
As the House of Representatives prepares to deliberate on the STABLE Act—its version of a stablecoin regulation bill—lawmakers are also poised to address other critical matters affecting digital assets.
Crypto Legislation Gains Momentum
In a recent post on X (formerly Twitter), Hammond noted that this week promises to be eventful for the crypto sector. He pointed out that the House will discuss the STABLE Act in the Financial Services Committee on Wednesday.
This bill aims to provide a regulatory framework for stablecoins. Hammond anticipates that the bill will attract substantial bipartisan support, citing three Democratic representatives who have aligned with Republican leaders on the issue.
Three weeks ago, the Senate passed its version of the stablecoin legislation, known as the GENIUS Act, with a vote of 18-6. The next step will require both chambers to reconcile the differences between the two bills before a final vote can be conducted in Congress.
Alongside the stablecoin discussions, other significant legislative actions are on the agenda. An anti-Central Bank Digital Currency (CBDC) bill, backed by Republican leaders, is set for a committee vote, as is a proposal from Representative Zach Nunn to establish a working group focused on addressing crypto-related crime and fraud.
Both measures are expected to pass, reflecting lawmakers’ ongoing concerns about security and regulatory oversight in the burgeoning digital asset space.
Key Hearings And Votes Approach
Hammond also highlighted a hearing led by Representative Warren Davidson scheduled for Tuesday, which will delve into the topics of fraud and crime in the crypto ecosystem.
As these discussions unfold, lawmakers are increasingly focused on the implications of high-profile figures, such as Elon Musk, potentially entering the stablecoin arena—a concern reminiscent of past debates surrounding Facebook’s ill-fated Libra project.
In a notable development, the House is also set to vote on a bill to repeal the Consumer Financial Protection Bureau’s (CFPB) digital wallet rule, which recently passed the Senate.
Additionally, the Internal Revenue Service (IRS) broker rule, which garnered bipartisan support, has made its way to the President’s desk for signature, marking it as the first crypto-related bill to receive presidential approval.
Despite the complexities of legislative strategy, Hammond emphasizes that Congress ultimately drives the direction of these initiatives, not individual companies or regulatory bodies.
Featured image from DALL-E, chart from TradingView.com
