• The House Financial Services Committee (HFSC) approved a slew of proposals related to digital asset regulation last month, including the Financial Innovation and Technology for the 21st Century Act (FIT 21), which would clear confusion about what jurisdiction the Commodities and Futures Trading Commission (CFTC) has over digital assets versus the Securities and Exchange Commission (SEC).
• The committee also considered the Clarity for Payment Stablecoins Act of 2023, which would create clear rules around stablecoin issuance, and detail what authorities the Federal Reserve has over the sector.
• Lastly, two bills focused on self-custody rights were approved by HFSC too: The Digital Taxonomy Act of 2023, which would clarify how digital assets are traded in regulated markets; and The Token Taxonomy Act of 2023, which would exempt certain crypto transactions from securities laws.
Here’s Every Crypto Bill Now Ready For US Congress
The Financial Innovation and Technology for the 21st Century Act
The Financial Innovation and Technology for the 21st Century Act (FIT 21) was approved by bipartisan support from HFSC last week. This bill would provide clarity about what jurisdiction is held by the Commodities and Futures Trading Commission (CFTC) versus that of the Securities and Exchange Commission (SEC). Many Democrats considered this bill to be friendly to industry growth but others saw it as a major step up from current regulations, providing clarity where none currently exists.
The Clarity for Payment Stablecoins Act of 2023
The Clarity for Payment Stablecoins Act of 2023 was considered by HFSC following approval of FIT 21. This proposal would create clear rules surrounding stablecoin issuance as well as detail what authorities are held by Federal Reserve in this sector. Some Democrats expressed their reservations with regards to this act, referring to it as “deeply flawed” due its rushed nature through chairman Patrick McHenry.
Digital Taxonomy & Token Taxonomy Acts Of 2023
Two bills focused on self-custody rights were also approved by HFSC – these being The Digital Taxonomy Act of 2023 & The Token Taxonomy Act of 2023. The former act seeks to clarify how digital assets are traded in regulated markets while latter aims to exempt certain crypto transactions from securities laws. These bills have been met with much enthusiasm in terms of allowing greater autonomy between users & their funds as well as allowing more transparency when it comes to regulatory compliance within cryptocurrency exchanges & other platforms offering financial services related to cryptocurrencies or blockchain technology.
Conclusion
In summary, there are four key pieces of legislation currently awaiting US Congress vote concerning cryptocurrency – these being FIT 21, Clarity for Payment Stablecoins act , Digital Taxonomy act & Token Taxonomy act – each focusing on different aspects such as regulatory jurisdiction , stablecoins , self custody etc . It remains to be seen whether any one or all these acts will pass through congress & become part of US federal law – however they could potentially help shape future regulations surrounding cryptocurrencies & blockchain technology across America should they come into effect .