As the regulatory landscape for the crypto industry in the US continues to evolve positively—marked by a drop in enforcement actions from the Securities and Exchange Commission (SEC)—lawmakers in Congress are intensifying their efforts to pass crucial legislation that supports the growth of digital assets.
This week, several key developments are set to shape the future of crypto regulation, as outlined by Ron Hammond, Director of Government Relationships and Institutional Engagement at the Blockchain Association.
Congress Resumes Crypto Focus
In a recent social media update on platform X (formerly Twitter), Hammond highlighted the ongoing work in Congress, stating, “Congress is back and the grind continues with key nomination hearings and progressing on stablecoin legislation.”
Hammond emphasized that while stablecoin regulation is considered one of the more straightforward priorities for Congress, significant challenges remain before any legislation can become law.
The most pressing event this week highlighted by Blockchain Associatoin’s Director is the nomination hearing scheduled for Thursday, during which the Senate Banking Committee will consider several pivotal appointments.
Paul Atkins for SEC Chair, Jonathan Gould to lead the Office of the Comptroller of the Currency (OCC), and Luke Pettit as Assistant Secretary of Financial Institutions, three of the most key appointments expected to have a positive impact for crypto.
Although the SEC lacks a confirmed chair, it has been active in various court cases and is hosting its first-ever Digital Assets Roundtable, led by Acting Chair Mark Uyeda, a pro-crypto commissioner who has distinguished himself by opposing the previous administration’s regulation-by-enforcement approach.
Hammond suggests that the discussions led by the SEC’s task force run parallel to the ongoing conversations in Congress, particularly regarding market structure, which has significant implications for the future of the crypto market.
Congress Moves Closer To Finalizing Bill For Presidential Approval
Hammond also pointed to the importance of stablecoins in the current legislative agenda. He notes that the Senate Banking Committee has been slow to vote on legislation, but when it does, the outcomes typically carry weight.
The Director highlighted the last major bill that received a vote was a regulatory relief bill in 2017, and the current stablecoin debate has garnered more support than that bill, further boosting the potential to gain official approval.
The next step for stablecoin legislation is a vote in front of the entire Senate, while the House of Representatives is also gearing up to address its own stablecoin bill, with a vote anticipated next week. Ultimately, both bills will need to be reconciled, setting the stage for a more comprehensive regulatory framework.
Interestingly, Hammond asserted that if all goes as planned, a finalized stablecoin bill could be on its way to President Donald Trump’s desk as early as this summer.
Once stablecoin regulation is established, Hammond notes that Congress will turn its attention to more complex issues related to market structure, a process that is expected to take considerably longer.
Featured image from DALL-E, chart from TradingView.com
