The provision, included in the defense bill, indicates the possibility that it will soon become law.
The United States House of Representatives included a crypto provision in this year’s version of the annual defense budget bill.
The National Defense Authorization Act, which sets the guidelines for defense policy and authorizes spending as part of the priorities of the US military, includes a provision from the Removal of Barriers to Innovation Act. The defense bill generally receives broad bipartisan support and is considered a must-see bill. The addition of the provision to the bill, which the House passed on Thursday, indicates a possibility that the cryptocurrency provision will soon be enacted.
The Senate has yet to vote its own version of the bill before the conference of the two legislative groups to reconcile their respective versions. The entire Congress must vote on the final bill. The provision, inserted by Representative Patrick McHenry (RN.C.), aims to promote the international competitiveness of the United States by clarifying how cryptocurrencies are regulated.
The proposed legislation would require the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to clearly define which agency oversees which aspects of the cryptocurrency market. If passed, Congress would create a task force within 90 days of the bill’s approval, made up of representatives from the SEC and CFTC.
The group is also expected to include non-governmental representatives from fintech and small businesses, among others.
Over the course of a year, the group would have to analyze current regulations and their impact on the primary and secondary markets, while presenting a report highlighting the impact of the current regulatory regime on the competitiveness of the United States.