Crypto Bills Gain Approval from House Financial Services Committee in 2023
Last week, U.S. Congressman Tom Emmer shared updates on the accomplishments of the House Financial Services Committee in 2023. He highlighted the committee’s progress in passing legislation that supports capital markets, encourages innovation, and holds regulators accountable, surpassing previous years’ efforts.
Streamlining Money Transmission Regulation with the Blockchain Regulatory Certainty Act
One of the bills approved by the committee is the Blockchain Regulatory Certainty Act, which addresses money transmission regulation as a significant barrier to entry in the digital asset industry. The legislation aims to streamline these regulations and create a more favorable environment for businesses in the space.
Securities Clarity Act and the Ripple Decision
The Financial Innovation and Technology (FIT) for the 21st Century Act, passed by the committee, includes essential language from Congressman Emmer’s Securities Clarity Act. This language is crucial in providing regulatory clarity, particularly in relation to the Ripple decision, stating that a token is not automatically classified as a securities contract.
CBDC Anti-Surveillance State Act: Defense Against Government Surveillance
In September, the committee approved the CBDC Anti-Surveillance State Act. This act represents a significant step in defending against the growing surveillance by government entities. It aims to ensure that any central bank digital currency (CBDC) maintains properties like cash—open, permissionless, and private—to protect the American way of life from potential abuses.
Appropriations Amendment Limits SEC’s Crypto Enforcement
Congressman Emmer’s appropriations amendment, passed in November, restricts the U.S. Securities and Exchange Commission (SEC) from utilizing taxpayer funds for its crypto enforcement efforts until Congress grants the SEC jurisdiction over the industry. The amendment serves as a response to concerns about the SEC’s actions and aims to hold unelected bureaucrats accountable.
Looking Ahead to 2024
Reflecting on the accomplishments, Congressman Emmer expressed optimism for the future. He looks forward to advancing these measures through the House in 2024 and continuing to support the development of the crypto industry.
Hot Take: Fostered Crypto Legislation Puts Accountability and Clarity at the Forefront
U.S. Congressman Tom Emmer has championed various bills that received approval from the House Financial Services Committee in 2023. These bills, such as the Blockchain Regulatory Certainty Act, Securities Clarity Act, CBDC Anti-Surveillance State Act, and the appropriations amendment, demonstrate a commitment to accountability, regulatory clarity, and defense against excessive government surveillance. By streamlining regulations, ensuring tokens are not automatically classified as securities, protecting privacy, and imposing restrictions on the SEC, these efforts contribute to fostering a more favorable environment for the crypto industry. With promising progress made, there is hope for continued advancement and support in 2024.
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