US crypto wins big as crypto bills pass congressional committee

US crypto wins big as crypto bills pass congressional committee

The Advancements in Regulatory Frameworks for the Blockchain Industry

The United States House Financial Services Committee has recently made significant progress in developing a regulatory framework for the blockchain industry. This development aims to reduce regulatory red tape surrounding cryptocurrencies and provide clarity on rules for the industry. Two important bills, the Financial Innovation and Technology for the 21st Century Act and the Blockchain Regulatory Certainty Act, have been approved by the majority of lawmakers.

The Financial Innovation and Technology for the 21st Century Act, which received a 35-15 vote in favor, seeks to establish rules for crypto firms regarding registration with either the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC). This act is crucial in streamlining the registration process for crypto companies and ensuring compliance with relevant regulatory bodies.

To further enhance the regulatory framework, the Republican bill includes provisions for firms to certify with the SEC that their projects are adequately decentralized. This certification would allow digital assets to be registered as digital commodities with the CFTC. Republican Congressman French Hill, who is also the Vice-Chairman of the House Financial Services Committee, expressed his pride in passing this bill with bipartisan support. He emphasized the importance of consumer protection and fostering innovation within the United States.

Simultaneously, the bipartisan Blockchain Regulatory Certainty Act, led by Republican Congressman Tom Emmer and Democratic Congressman Darren Soto, aims to ease regulatory hurdles and requirements for blockchain developers and service providers. This act seeks to remove obstacles for various entities within the blockchain industry, including miners, multi-signature service providers, and decentralized finance (DeFi) platforms. By streamlining regulations, this act encourages the growth and development of innovative blockchain projects.

Republican Representative Tom Emmer celebrated the passing of the Blockchain Regulatory Certainty Act as a major accomplishment for the United States. He praised the act as a “huge win” and emphasized the country’s progress towards empowering individuals in shaping the future peer-to-peer digital economy.

Despite these positive developments, it is important to note that not all proposed legislation received support. The market structure bill, which aimed to grant greater regulatory oversight to the Commodity Futures Trading Commission (CFTC), was met with criticism from both Republicans and Democrats. Concerns were raised about potential negative impacts on investor protections within the crypto market. Democratic Representative Maxine Waters has previously expressed opposition to this bill, highlighting the need for careful consideration of its provisions.

The advancement of these bills signifies a significant step forward for the blockchain industry, as it clarifies rules and removes regulatory barriers. By establishing a regulatory framework, the United States aims to strike a balance between consumer protection and fostering innovation. These developments are crucial in solidifying the country’s position as a global leader in blockchain technology.

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