Last updated on August 8, 2023
The House Financial Services Committee (HFSC) has recently approved several proposals related to the regulation of digital assets. These bills could potentially become the first crypto-specific legislation to be signed into U.S. federal law.
One of the key bills that received bipartisan support from the HFSC is the Financial Innovation and Technology for the 21st Century Act (FIT 21). This bill aims to clarify the jurisdiction of the Commodities and Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) over digital assets. While some Democrats view this bill as industry-friendly, others believe it is a significant step towards creating clarity in this space.
Another bill that was considered by the committee is the Clarity for Payment Stablecoins Act of 2023. This proposal seeks to establish clear rules for stablecoin issuance and outline the authority of the Federal Reserve in regulating the sector. Although Democrats have expressed opposition to this bill, it received clearance with support from Republicans and a few Democrats.
The committee also passed the Blockchain Regulatory Certainty Act, which aims to ensure that blockchain service providers not holding client assets are not treated as money services businesses under the law. This bill intends to address issues within President Biden’s Infrastructure bill, which could impose burdensome transaction reporting requirements on various entities in the digital asset space.
Lastly, the Keep Your Coins Act of 2023 was approved by Congress. This bill guarantees American citizens the right to have custody of their own cryptocurrency and use their assets to purchase goods and services as they please.
In the Senate, Senators Cynthia Lummis and Kirsten Gillibrand have collaborated on a bill with a similar purpose to FIT 21. This legislation aims to differentiate between digital securities and commodities while allowing the SEC to be more assertive in protecting consumers. The bill proposes additional consumer protections, such as requirements for crypto companies to prove their reserves and disclose risks transparently.
Overall, these bills demonstrate a growing interest in regulating the crypto industry by providing clarity, consumer protections, and preserving individual rights.
Hashtags: #crypto #digitalassets #regulation #FIT21 #stablecoins #blockchain #consumerprotections
SEO Keywords: digital asset regulation, crypto-specific legislation, House Financial Services Committee, FIT 21, stablecoin issuance, Federal Reserve, Blockchain Regulatory Certainty Act, Keep Your Coins Act, Senate, Cynthia Lummis, Kirsten Gillibrand, consumer protections.
Keyphrase: “Summary of Proposed Crypto Bills and Their Implications”
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