In a momentous week for the world of cryptocurrencies, Congress is taking action on long-awaited crypto regulatory bills. Here’s what you need to know:
– Bill #1: The Clarity for Payment Stablecoins Act aims to address issues with stablecoins and the co-mingling of customer funds.
– Bill #2: The Financial Innovation and Technology for the 21st Century Act integrates elements from previous initiatives to lay out rules for the SEC and CFTC.
– Bill #3: The Blockchain Regulatory Certainty Act offers a safe harbor for validators and service providers.
– Bill #4: The Keep Your Coins Act aims to protect users’ rights to self-custody.
– Bill #5: The Financial Technology Protection Act seeks to deter illicit activity via crypto.
The future of the crypto industry hangs in the balance as Congress debates and votes on these bills. With the 2024 election approaching, the stakes are high. Congress has the power to shape the future of the crypto landscape by providing clear rules and combating bad actors.
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