The Financial Innovation and Technology for the 21st Century Act was adopted by the House Financial Services Committee with a vote of 35 to 15.
The United States made progress toward regulatory certainty for its cryptocurrency industry last week. The Financial Innovation and Technology for the 21st Century Act was adopted by the House Financial Services Committee (FSC) with a vote of 35 to 15. The bill aims to set guidelines for cryptocurrency enterprises regarding whether to register with the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC).
The bipartisan Blockchain Regulatory Certainty Act, sponsored by Representatives Darren Soto of the Democratic Party and Tom Emmer of the Republican Party, was likewise approved by the FSC. For "blockchain developers and service providers," such as miners, multisignature service providers, and decentralized finance platforms, it intends to establish norms and remove requirements.
Despite the advancement of the acts, a number of legislators objected to the Digital Assets Market Structure Bill, another planned piece of legislation. Representative Maxine Waters criticized the bill for paying too close attention to the demands of the cryptocurrency business and disobeying SEC regulatory recommendations.
The $886 billion 2024 National Defense Authorization Act was also approved by the US Senate. A group of senators, including Cynthia Lummis, Elizabeth Warren, Kirsten Gillibrand, and Roger Marshall, introduced a crypto-related amendment to the bill. It will necessitate the creation of crypto examination standards and force the U.S. Treasury Department to conduct research on how to crack down on anonymous crypto transactions. This includes utilizing private-transaction-making crypto mixers like Tornado Cash.