The US House of Representatives Financial Services Committee has passed four cryptocurrency bills. Following this development, Blockchain Association CEO Kristin Smith shared her views on the effects of the law.
The US House of Representatives has approved 4 crypto money bills!
cryptocoin.com As you follow, efforts to bring cryptocurrencies into the regulatory framework continue. The US House of Representatives Financial Services Committee passed four digital asset bills last week. The four bills consist of the Financial Innovation and Technology (FIT) Act for the 21st Century, the Blockchain Regulatory Certainty Act, the Clarity for Payment Stablecoins Act, and the Protect Your Money Act. After the bills passed, Blockchain Association CEO Kristin Smith shared her views in a tweet on Friday. “This is the result of a coordinated effort to educate + support congressional champions of crypto,” Smith said. said. In addition, the CEO of Blockchain Association shared the following assessment:
Rather than allowing overzealous federal agencies to fill the void with enforcement actions, Congress reveals its mandate to devise a regulatory framework. This week marked a turning point for the American crypto industry and the promise of real progress on the road to a viable regulatory framework in the United States.
What areas do cryptocurrency bills regulate??
Meanwhile, crypto regulatory bills have been voted outside the committee for the first time, putting them to a full vote in the House. The FIT Act for the 21st Century establishes a comprehensive regulatory framework for the issuance and trading of digital assets at the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). The committee notes that the Blockchain Regulatory Certainty Act “ensures that Blockchain developers and Blockchain services providers who do not take control of consumer funds are not considered financial institutions or money service businesses under the law.”
Clarity for Payments Stablecoins Act outlines several regulatory avenues for approving and regulating stablecoin issuers. Meanwhile, the Protect Your Coins Act addresses the issue of self-custody in the cryptocurrency world.
These bills are hugely important to crypto in the US!
Kristin Smith said, “These votes are very important to the cryptocurrency world in the USA. There is more work to be done. However, while the FIT 21 Act is not yet perfect, we are excited about the progress in this area.” said. In addition, Smith underlined the following:
Rather than allowing over-enthusiastic federal agencies to fill the void with enforcement actions, Congress revealed its mandate to devise a regulatory framework.
