The U.S. House Financial Services Committee and House Agriculture Committee are planning to draft legislation to regulate the crypto sector in the next two months.

This announcement was made by Rep. Patrick McHenry, Chair of the House Financial Services Committee, during a joint public hearing held in May.

McHenry further stated that the proposed bill would address both securities and commodities regimes, as well as issues that are difficult to resolve on either side.

While there have been several bills addressing crypto progress on Capitol Hill, the U.S. Congress has yet to pass comprehensive legislation.

However, Republicans on the House Financial Services Committee recently introduced a discussion draft for a stablecoin bill, which may serve as a starting point for negotiations with Democrats.

Sen. Cynthia Lummis, who introduced a bipartisan bill aimed at creating a regulatory framework for the crypto industry last year, has also indicated that a new-and-improved version of the bill will be unveiled in six to eight weeks.

The increasing pressure on lawmakers to legislate the industry has been compounded by recent events such as the meltdown of the FTX crypto exchange and the collapse of crypto banking.

McHenry stated that crypto’s recent role in the U.S. banking crisis is fair to call “Operation Choke Point 2.0,” and that Congress must provide clarity and certainty regarding safe and sound banking practices.

While the U.S. Congress is yet to pass comprehensive legislation on crypto, other jurisdictions such as the European Union have introduced comprehensive crypto laws.

Lummis stated that the U.S. is falling behind and must catch up, as regulators in Japan, the United Arab Emirates, Hong Kong, and the UK are also moving toward regulating the crypto space.