The United States House Financial Services Committee Clears Key Crypto Regulatory Bills
The United States House Financial Services Committee has approved two important crypto regulatory bills that aim to provide regulatory clarity to the crypto space in the US. The bills include the Blockchain Regulatory Certainty Act and the Financial Innovation and Technology for the 21st Century Act. Here are the key points:
1. The Blockchain Regulatory Certainty Act: Majority Whip Tom Emmer introduced this bill, stating that blockchain developers and service providers that do not hold custody of user assets should not be classified as money transmitters. The bill aims to provide necessary confirmation for the blockchain community and help America become a leader in the crypto space.
2. The Financial Innovation and Technology for the 21st Century Act: This bill aims to establish clear rules for crypto firms on registering with the Commodity Futures Trading Commission (CFTC) or the United States Securities and Exchange Commission (SEC). It also provides a clear process for crypto firms to certify the decentralization of their projects with the SEC.
3. The bipartisan support: Most US lawmakers voted in favor of these bills, showing bipartisan support for regulatory clarity in the crypto industry.
4. A win for the US: The Blockchain Regulatory Certainty Act removes excessive requirements for blockchain developers and service providers, clarifying what entities in the blockchain space come under the definition of “money transmitters.” Tom Emmer called it a “huge win” for the US and the future peer-to-peer digital economy.
5. Divisions among Republicans and Democrats: Despite the passage of these bills, there are divisions among Republicans and Democrats regarding crypto regulations. The Digital Assets Market Structure Bill failed to pass, with some lawmakers criticizing it for not adhering to clear guidelines.
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