US House Committee Advances 4 Crypto Bills

Last week, the U.S. House Financial Services Committee passed four digital asset bills. Kristin Smith, CEO of Blockchain Association, tweeted that this is a result of a coordinated effort to educate and support crypto’s Congressional champions. It is a milestone for the American crypto industry and progress towards a regulatory framework. The four bills include:

The Financial Innovation and Technology (FIT) for the 21st Century Act.
The Blockchain Regulatory Certainty Act.
The Clarity for Payment Stablecoins Act.
The Keep Your Coins Act.

The FIT for the 21st Century Act establishes a regulatory framework for the issuance and trading of digital assets at the SEC and CFTC. The Blockchain Regulatory Certainty Act exempts blockchain developers and providers from being considered financial institutions or money service businesses. The Clarity for Payment Stablecoins Act provides regulatory paths for approving and regulating stablecoin issuers. The Keep Your Coins Act protects the self-custody of crypto.

Kristin Smith believes that these votes are a big deal for crypto in the U.S. despite the need for more work. It is significant because it allows Congress to design a regulatory framework rather than relying solely on federal agencies. This marks the first time that crypto regulatory bills have been voted out of committee on their way to a full House vote.

Hot Take

The passing of these four crypto bills by the U.S. House Financial Services Committee is a positive step for the American crypto industry. It shows that Congress is taking the initiative to create a regulatory framework and support the development of digital assets. While there is still work to be done, this progress is exciting and sets the stage for further advancements in the crypto space.