Connect with us

News

Incoming House Financial Services Committee chair reintroduces bill on crypto

Published

on

Incoming House Financial Services Committee chair reintroduces bill on crypto
Source: Unsplash


  • The bill will make it easier to bring products to market without being subjected to “burdensome regulation.”
  • Rep. McHenry penned a letter to Treasury secretary Janet Yellen last week, seeking to delay the Infrastructure Investment and Jobs Act.

Patrick McHenry, the United States Representative for North Carolina’s 10th congressional district, has reintroduced the Financial Services Innovation Act, which will help foster financial innovation. 

Rep. McHenry is also the Chairman elect of the House Financial Services Committee and will assume the role in January. The committee is currently chaired by Rep. Maxine Waters from California, who is set to lose her seat to the Republican following the midterm elections that saw Republican lawmakers win a majority in the House of Representatives.

The Financial Services Innovation Act

The act is aimed at creating Financial Services Innovation Offices (FSIOs) within federal financial agencies in order to establish a path toward regulatory clarity.

“I’m reintroducing the Financial Services Innovation Act to modernize and streamline how innovators interact with regulators to build a more inclusive financial system. “ the press release read. 

The bill will make it easier for companies, including those operating in the crypto space, to bring products to market without being subjected to “burdensome regulation” while still being in compliance.

Chairman elect McHenry stated that companies will be able to apply for an “enforceable compliance agreement” with regulatory agencies including the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC). 

Rep. McHenry revealed that the bill has been modeled after a regulatory sandbox program that was conducted in North Carolina. The program was successful in striking the appropriate balance to foster responsible innovation.

Rep. McHenry delays crypto tax bill

Patrick McHenry penned a letter to Treasury secretary Janet Yellen last week, seeking to delay the Infrastructure Investment and Jobs Act. According to the Republican lawmaker, the act contained language which suggested that crypto entities like wallet makers and miners would be subject to tax reporting rules that they would be unable to meet. 

The use of words like “broker” and “cash” by the Treasury was at the center of this issue. The Treasury has clarified that “ancillary parties” would not be targeted by the bill. 

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.


Please select your Email Preferences.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Click to comment

Leave a Reply

Your email address will not be published.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.