The American House Financial Services Committee has approved four cryptocurrency-related proposals. Instead than letting overzealous federal agencies fill the void with enforcement measures, the CEO of the Blockchain Association stated, “Congress is asserting its authority to design a regulatory framework.”
The US House Committee Advances Four Crypto Bills
Four digital asset proposals were approved last week by the U.S. House Financial Services Committee. The measures were passed, and Blockchain Association CEO Kristin Smith tweeted on Friday: “This is the result of a coordinated effort to educate + support crypto’s Congressional champions.” The executive kept going:
The American cryptocurrency sector reached a significant turning point this week, and there are signs that the route to a functional regulatory framework in the U.S. is finally moving in the right direction.
The four measures are the Keep Your Coins Act, the Clarity for Payment Stablecoins Act, the Blockchain Regulatory Certainty Act, and the Financial Innovation and Technology (FIT) for the 21st Century Act.
A thorough regulatory framework for the issue and trading of digital assets is established by the FIT for the 21st Century Act at the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The Blockchain Regulatory Certainty Act “provides that blockchain developers and providers of blockchain services that do not take control of consumer funds are not deemed financial institutions or money service businesses under the law,” the committee explained.
For the purpose of authorizing and regulating stablecoin issuers, the Clarity for Payment Stablecoins Act acknowledges many regulatory approaches. The self-custody of cryptocurrency is safeguarded by the Keep Your Coins Act in the meanwhile.
For crypto in the United States, these votes are significant, according to Smith. “While the FIT 21 Act still needs improvement, we are encouraged by the progress.”
The executive underlined that “Congress is asserting its authority to design a regulatory framework, rather than allowing overzealous federal agencies to fill the gap with enforcement actions.”
On their route to a full House vote, the first crypto regulation proposals have been approved by the committee.