Jesse Hamilton is CoinDesk's deputy managing editor for global policy and regulation. He doesn't hold any crypto.
The result of next week's expected vote on U.S. legislation to regulate the cryptocurrency industry will strongly influence the odds the U.S. Senate gets on board, said Rep. Patrick McHenry , the chairman of the House Financial Services Committee and a leading advocate for crypto legislation in the waning months of his career in Congress.McHenry, who is set to retire at the end of the year, has made digital assets legislation a top priority for the end of his time on Capitol Hill.
Rep. French Hill , who heads a crypto subcommittee and is among the candidates who could replace McHenry in his chairman seat, said at the same event on Wednesday that he's optimistic about the outcome of the House vote on FIT21. One of the big reasons: 21 Democrats chose to vote in favor of overturning the SEC's controversial crypto accounting provision – Staff Accounting Bulletin No. 121, or SAB 121 – despite President Joe Biden's threat to veto the effort.
"I'm optimistic, and I expect strong Democratic support," Hill said of the FIT21."This one is about the future." Hill said it also answers President Biden's executive order from earlier in his term that called for legislation in this space. McHenry agreed that getting so many Democrats to buck the White House and SEC on the accounting rule was"a significant thing." At least one Senate Democrat – New York's Kirsten Gillibrand – has said she'llin a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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