The U.S. House Financial Services Committee and House Agriculture Committee will put together legislation to oversee the crypto sector in the "next two months" after holding joint public hearings starting May, said Rep. Patrick McHenry (R–N.C.), chair of the House Financial Services Committee.

When asked whether such a bill could be signed by President Joe Biden in the next 12 months, McHenry said, "yes." 

"What we plan to do over the next two months is report a deal out," McHenry said, adding that the bill will address both securities and commodities regimes and issues that are hard to fix on either side.