The bill proposes a clearer pathway for the registered offer and sale of digital assets.
Crypto exchanges have been calling for regulatory clarity in the wake of expansive enforcement actions that have left companies and developers scrambling to move operations beyond the U.S. Crypto exchanges Coinbase and Gemini have both announced off-shore exchange operations.
Coinbase also is engaged in a bruising courtroom battle with the SEC over the very issues that apparently prompted the McHenry-Thompson bill.
The crypto exchange received a Wells notice, a warning of impending enforcement action, from the SEC earlier this year.
The draft bill will likely be reshaped and modified in coming weeks and months, but it represents a powerful vote of support from two influential Republican members.
Persons:
Patrick McHenry, Glenn Thompson, Coinbase, McHenry, Thompson
Organizations:
Republican, Financial Services, Futures, Securities, Exchange, SEC, Gemini
Locations:
North Carolina, Washington ,, R