According to Blockworks, as the 2024 election approaches, cryptocurrency-related legislation is beginning to progress through the US House. However, potential obstacles remain in the Senate. Last week, House members approved joint resolution 109, aimed at invalidating the Securities and Exchange Commission’s Staff Accounting Bulletin (SAB) 121, with a 228-182 vote. This marks the first time a cryptocurrency bill has been passed in a House floor vote. The resolution now proceeds to the Senate, where its passage is uncertain due to the Democrat majority, despite 21 Democrats voting against their party in the House.
If the legislation does manage to pass the Senate, the Biden administration has indicated that the president will veto the resolution. The White House stated last week that limiting the SEC’s ability to maintain a comprehensive and effective financial regulatory framework for crypto assets could lead to significant financial instability and market uncertainty.
The House has passed several crypto bills out of Committee, but most have not been brought to the floor for a full vote. Bills such as the Blockchain Regulatory Certainty Act, the Clarity for Payment Stablecoins Act, the Keep Your Coins Act, and the Financial Technology Protection Act have all survived markup but have not been scheduled for a full vote. The Financial Innovation and Technology for the 21st Century Act, also known as the FIT act, advanced to the House Committee on Rules last week and is expected to head for a floor vote later this month, according to House Financial Services Committee Chairman Patrick McHenry.
In the Senate, crypto-related bills, even those with bipartisan support, have yet to capture the attention of committee heads. The Digital Asset Anti-Money Laundering Act, supported by several senators, has been the subject of multiple Senate Banking Committee hearings, but has not been voted on or marked up. The Senate received joint resolution 109 last week but has not yet scheduled a vote. Both the Senate and House are set to recess from May 24 until June 3.