TL;DR Breakdown
- The major development was the approval of the Financial Innovation and Technology for the 21st Century Act by the House Financial Services Committee (FSC) in a 35–15 vote.
- While these developments represent significant progress toward regulatory clarity for the crypto industry, there were some lawmakers who expressed reservations about another proposed piece of legislation, The Digital Assets Market Structure Bill.
Description
Last week, the United States made significant strides toward bringing regulatory clarity to its rapidly evolving cryptocurrency industry. One of the major developments was the approval of the Financial Innovation and Technology for the 21st Century Act by the House Financial Services Committee (FSC) in a 35–15 vote. This crucial bill aims to establish clear … Read more
Last week, the United States made significant strides toward bringing regulatory clarity to its rapidly evolving cryptocurrency industry. One of the major developments was the approval of the Financial Innovation and Technology for the 21st Century Act by the House Financial Services Committee (FSC) in a 35–15 vote. This crucial bill aims to establish clear rules for cryptocurrency firms, outlining when they should register with either the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC).
Alongside this milestone, the bipartisan Blockchain Regulatory Certainty Act, co-sponsored by Republican Representative Tom Emmer and Democratic Representative Darren Soto, also received a favorable vote in the FSC. The purpose of this act is to provide comprehensive guidelines that would remove unnecessary hurdles and requirements for various stakeholders in the blockchain space, including blockchain developers, service providers like miners, multi-signature service providers, and decentralized finance platforms.
While these developments represent significant progress toward regulatory clarity for the crypto industry, there were some lawmakers who expressed reservations about another proposed piece of legislation, The Digital Assets Market Structure Bill. This bill faced criticism from Representative Maxine Waters, who believed it was too accommodating to the demands of the cryptocurrency industry and disregarded important regulatory guidance provided by the SEC.
US crypto regulations
In a separate legislative arena, the U.S. Senate also took action by passing the 2024 National Defense Authorization Act, amounting to $886 billion. Interestingly, within this defense-focused bill, a crypto-related amendment was introduced and approved with the support of several senators, including Cynthia Lummis, Elizabeth Warren, Kirsten Gillibrand, and Roger Marshall.
The amendment aims to establish rigorous examination standards for cryptocurrencies and will mandate the US. Treasury Department to conduct a study focused on addressing anonymous crypto transactions. Specifically, this includes transactions facilitated through crypto mixers like Tornado Cash, which are designed to enhance transaction privacy.
These developments signal a growing recognition of the importance of regulating the cryptocurrency industry in the United States. As the crypto market continues to expand and gain prominence, lawmakers are becoming increasingly aware of the need for a clear and well-defined regulatory framework. While the approved acts and amendments are a significant step in the right direction, there are still diverse perspectives within the legislative realm, with some advocating for more stringent regulation and others expressing concerns about being overly accommodating to the crypto industry.
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