Four cryptocurrency-related proposals have been approved by the US House Financial Services Committee. The CEO of the Blockchain Association stated, “Congress is claiming its management to develop a regulatory framework rather than allowing overzealous federal tools to fill the gap with enforcement actions.”
DOJ announces criminal charges against six defendants in four separate cases for their alleged involvement in cryptocurrency-related fraud, including the largest known NFT scheme charged to date. Charges in part allege a scheme involving the “Baller Ape” NFT.
— Eamon Javers (@EamonJavers) June 30, 2022
US House Committee Advances 4 Crypto Bills
Last Monday, the U.S. House Financial Services Committee approved four pieces of decree pertaining to digital assets. The CEO of the Blockchain Association, Kristin Smith, tweeted on Friday after the measures were passed: “This is the result of a joint effort to educate and support crypto’s Congressional champions.” The director went on to say:
• US House Committee advances bill for cryptocurrency self-custody rights
• Snowfro minted 50 new Chromie Squiggles for the Art Blocks community pic.twitter.com/9ZjnWH2pr9
— warrenhimself ⌐◨-◨ 🎟💚 (@nullinger) July 29, 2023
This past week marked a turning point for the American cryptocurrency market and the hope for simple advancement on the way to a workable regulatory framework in the country.
The Keep Your Coins Act, the Blockchain Regulatory Certainty Act, the Financial Innovation and Technology (FIT) for the 21st Century Act, and the Clarity for Payment Stablecoins Act are the four laws.
The U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have a broad regulatory framework for the issuing and trading of digital assets based under the FIT for the 21st Century Act. The Blockchain Regulatory Certainty Act “provides that blockchain developers and providers of blockchain services that do not take control of consumer funds are not deemed financial institutions or money service businesses under the law,” the committee explained.
A Federal Judge has rejected the U.S. Securities & Exchange Commission's (SEC) attempts to claim that cryptocurrencies must be regulated by them.
They can't even regulate what they are currently responsible for, What makes them think they can handle more work. pic.twitter.com/mnjsmEmOWk
— G-MAN (@GavinClimie) March 20, 2023
In order to approve and manage stablecoin issuers, the Clarity for Payment Stablecoins Act acknowledges many regulatory roads. The Keep Your Coins Act, meanwhile, safeguards cryptocurrency held in self-custody.
Smith said, “These votes are a major issue for crypto in the U.S.” We are inspired by the progress, even though there is still work to be done and the FIT 21 Act is not yet perfect.”
It matters how the press reports these divisions.@LBC just said that 'MPs rejected a Labour motion…'
That sounds like all MPs rejected.
There is not even a sense of whether it was close.
Difficult to inform the public that the results are not representative of their own votes
— Paul Wooldridge #FBPPR #FBPA #FBPE (@alba_187) April 14, 2021
The leader underlined that “Congress is claiming its authority to design a regulatory framework rather than allowing overly zealous federal agencies to fill the gap with enforcement actions.”
This is the first time crypto statute ruling has advanced out of committee and is now up for a vote in the entire House.