As per the reports, the US House Financial Services Committee has approved two crypto proposals regarding regulation that are expected to give desperately needed regulatory clarity.
Two Crypto Bills Passed on July 26
The majority of United States lawmakers are reported to have agreed for both the Financial Innovation and Technology for the Twenty-First Century Act and the Blockchain Regulatory Certainty Act on July 26.
The Financial Innovation and Technology for the Twenty-First Century Act, that would lay out standards for crypto businesses on when they must register with either the Commodity Futures Trading Commission or the Securities and Exchange Commission, was adopted by the House Financial Services Committee on a 35 to15 votes.
Congressman French Hill Reacts
Republican Congressman French Hill, who additionally acts as the deputy chairman of the House Financial Services Committee, says: “We have crafted landmark legislation that establishes robust consumer protections and clear rules of the road for market participants while keeping innovation in the United States.”
Crypto Bills to Establish Jurisdictions of CFTC and SEC
It is notable that the regulatory clarity stated here refers to resolving the variances in authority between US securities and commodities authorities. Furthermore, the law mentions a method for enterprises to confirm with the SEC that their initiatives are sufficiently decentralized, permitting them to officially register digital assets as digital commodities with the CFTC.
Blockchain Regulatory Certainty Act
Moreover, the bipartisan Blockchain Regulatory Certainty Act, which was introduced by Republican Congressman Tom Emmer and Democratic Congressman Darren Soto, seeks to lay down rules for “blockchain developers and service providers” such as miners, multisignature companies, and decentralized finance platforms. The Blockchain Regulatory Certainty Act, according to Emmer, “specifically deals with what blockchain-related entities qualify as money transmitters” in the United States.
Meanwhile, lawmakers from the nation’s House Financial Services Committee presented a bill in April designed to govern stablecoins in the region. Furthermore, on April 20, the Texas House of Representatives approved legislation mandating crypto exchanges to have enough cash on hand to meet their commitments to consumers.