The United States House Financial Services Committee has approved two bills related to cryptocurrencies. These bills aim to bring clarity to the regulation of crypto firms in the country.
These bills were supported by both Republicans and Democrats and are seen as a positive step toward regulating the crypto industry in the US
The first bill, called, the “Financial Innovation and Technology for the 21st Century Act” establishes clear registration rules for crypto companies with the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC). It enables firms to certify project decentralization, allowing digital asset registration with the CFTC.
The second bill, known as the “Blockchain Regulatory Certainty Act,” is a bipartisan effort. It aims to provide guidelines that remove hurdles and requirements for blockchain developers and service providers, like miners, multi-signature service providers, and decentralized finance (DeFi) platforms.
Patrick McHenry Said, “As other jurisdictions like the UK, the [European Union], Singapore and Australia have moved forward with clear regulatory frameworks for digital assets, the United States is at risk of falling behind. We intend to change that today.”
However, there was another proposed bill called the “Digital Assets Market Structure Bill” that did not receive enough support. Some lawmakers felt that this bill gave too much favor to the crypto industry and disregarded regulatory guidance from the SEC.
The passing of these bills is seen as a “huge win” for the US crypto industry, as it brings much-needed clarity and guidance for crypto firms operating in the country.
Also Read: US House Financial Services Committee Unveils Bipartisan Stablecoin Bill
