Connect with us
Active Currencies 14458
Market Cap $2,702,815,616,243.90
Bitcoin Share 50.11%
24h Market Cap Change $0.06

U.S. FSC to discuss regulatory clarity for crypto assets

2min Read

The House Financial Services Committee (FSC) has announced the markup of legislation aimed at providing regulatory clarity around crypto assets.

crypto bill

Share this article

  • The Committee will hold a meeting on 26 July to mark up these legislations.
  • The recent setback suffered by the SEC in its legal battle with Ripple has spurred legislators to push for such bills.

Patrick McHenry (Rep.), the chairman of the House Financial Services Committee (FSC), announced the markup of legislation aimed at providing regulatory clarity around crypto assets on 22 July.

McHenry is a Congress Representative from North Carolina.

The Committee will hold a meeting on 26 July to mark up three legislations about regulatory clarity. They would cover cryptocurrency, stablecoins, and blockchain networks.

It was Representative McHenry himself who introduced the markup on clarity for stablecoin payments. It purportedly aims to bring regulatory clarity for the issuance of payment stablecoins.

The crypto clarity markup is aimed at establishing a cryptocurrency market structure framework that is fit for the unique characteristics of virtual assets. The blockchain markup details how blockchain developers do not need to acquire licenses as long as these projects don’t work on cryptocurrencies.

Earlier on 20 July, the FSC introduced the Financial Innovation and Technology for the 21st Century Act. Arkansas Representative French Hill (Rep.), South Dakota Representative Dusty Johnson (Rep.) and, Pennsylvania Representative Glenn Thompson (Rep.) introduced the act.

Representative Hill said,

“This legislation would not only have prevented FTX from stealing billions of customer funds, but also establishes robust consumer protections and clear rules of the road for market participants.”

Representative Johnson remarked,

“The crypto industry wants clarity and our collaborative bill gives both the CFTC and SEC a seat at the table. Our bill establishes clear principles to ensure financial security and certainty as digital asset developers continue to innovate.”

SEC’s legal setback spurs a Republican flurry of crypto legislations

The recent enforcement actions of the U.S. Securities and Exchange Commission (SEC) against crypto platforms have polarized the political climate of the U.S. Republican members of the Congress have brought forward a number of legislations around crypto regulations recently.

A few days back, the SEC suffered a setback in its legal battle against the crypto exchange Ripple [XRP] when the court ruled that programmatic sales of crypto assets cannot be constituted as securities violation. It has only spurred legislators to push for bills around crypto regulation.

Share

Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.