The cryptocurrency bill will be voted on for the first time in the U.S. Congress this week

ChainCatcher news, according to Reuters, the U.S. House Financial Services Committee will vote this week on several bills aimed at establishing a regulatory framework for cryptocurrencies, marking a milestone for Congress in codifying federal regulations for the digital asset industry. The legislation the committee plans to consider includes a bill that will define when cryptocurrencies are considered securities or commodities, and another bill that will establish a regulatory regime for stablecoins.

This will be the first time cryptocurrency regulatory bills are put to a vote in Congress; however, it remains to be seen whether these bills will gain support from Democrats, as many believe that Democratic backing is crucial for these bills to ultimately become law. These measures may also face obstacles in the Democrat-led Senate, with Senate Banking Committee Chairman Brown stating that it is uncertain whether additional legislation is necessary to regulate cryptocurrencies.