The House Agriculture Committee Advances Federal Crypto Regulation
The House Agriculture Committee has endorsed the Financial Innovation Technology for the 21st Century Act, a bill that aims to create federal rules for cryptocurrency in the United States. This endorsement comes a day after the House Financial Services Committee also advanced the bill. The legislation will now be referred to the full House of Representatives for voting.
Key Points:
- The House Agriculture Committee referred the bill to the full House by a voice vote after debating and voting on amendments.
- Lawmakers discussed various amendments, including those related to customer disclosures and asset management protections.
- Committee Chair Glenn Thompson highlighted the need for federal rules, as current laws and regulations are insufficient.
- The House Financial Services Committee also met to debate stablecoin legislation.
- The Agriculture Committee markup was more productive and less contentious compared to the Financial Services Committee session.
In conclusion, the House Agriculture Committee has taken a significant step towards creating federal regulations for cryptocurrency in the U.S. This move comes after years of discussions and aims to provide clarity and guidance to the crypto industry. The endorsement of the bill by both the Agriculture and Financial Services Committees shows bipartisan support for crypto regulation. The next step will be voting in the full House of Representatives, which will determine the future of federal crypto rules.
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