U.S. House Committees Introduce Digital Assets Bill
The U.S. House Committees on Agriculture and Financial Services have introduced a digital assets bill to create a regulatory framework for the cryptocurrency industry. The bill, named the Financial Innovation and Technology for the 21st Century Act, aims to address the need for regulation and protect consumers and investors in the digital asset space.
Main Breakdowns:
- The bill was introduced by Glenn Thompson, French Hill, and Dusty Johnson, respective chairmen of the House committees involved.
- The bill gives the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) seats at the table to establish clear principles and ensure financial security and certainty.
- The proposed bill defines blockchain as a technology that creates a publicly available ledger of verified transactions shared among network participants.
- The bill defines digital assets as fungible digital representations of value recorded via blockchain networks, excluding traditional securities.
- The bill may give the SEC greater powers to enforce aggressive measures.
Hot Take:
The introduction of the Financial Innovation and Technology for the 21st Century Act is a significant milestone in establishing a regulatory framework for the cryptocurrency industry. By giving the CFTC and SEC seats at the table, the bill aims to provide clarity and security for the industry while fostering innovation. However, the exclusion of traditional securities from the definition of digital assets may grant the SEC greater powers for enforcement, potentially leading to further regulatory measures.
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