Jesse Hamilton is CoinDesk's deputy managing editor for global policy and regulation. He doesn't hold any crypto.
The biggest and most established global event for everything crypto, blockchain and Web3.Eight House Democrats signed onto a memo arguing in favor of a largely Republican-driven bill to establish U.S. regulations over the crypto markets.
At least eight House Democrats were vocally supporting the Financial Innovation and Technology for the 21st Century Act – and they may recruit more – according to a memo shared with CoinDesk by a congressional aide. At this point, the bill is scheduled for floor discussion and a vote later in the day on Wednesday.
"What we want is to have a substantial vote total this week in the House that will show momentum," said Rep. Patrick McHenry , the chairman of the House Financial Services Committee who has shepherded the bill in the retiring lawmaker's final months in Congress. He lamented to reporters on Tuesday that the effort that was meant to happen almost a year ago was delayed this long."We're now in May of an election year.
"Roughly 20% of Americans have invested, traded, or used crypto, so it’s not going anywhere," according to the Democrats' memo."Meanwhile, Congress hasn’t passed legislation to usher in this new generation of internet technology responsibly." Consumer advocates including Americans for Financial Reform argued against the bill, too, saying it didn't sufficiently protect consumers and uses an"Rep. Glenn"G.T." Thompson , chairman of the Agriculture Committee, told reporters that passing legislation is urgent, because the current state of regulation has driven crypto business away from the U.S.
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