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Crypto News: The U.S. House Financial Services Committee on Wednesday held a crucial markup of legislation in order to provide clear rules for the digital asset industry in the country. The Financial Services Committee chair addressed the crypto regulations, market structure and Howey Test in this opening remarks.
Also Read: US Fed Hikes Interest Rate By 25 Bps; Bitcoin Price To Dip?
GOP Chair Address Crypto “Securities” Issue
Patrick McHenry, the House Financial Services Committee chair stated that the entire crypto market structure legislation accepts a key issue in the market i.e. digital assets being treated as securities.
Digital assets that are not inherently securities may be offered as part of an investment contract but that does not make them securities, said Patrick McHenry.
GOP chair mentioned that their bill linked to crypto assets focuses on two vital points i.e. decentralization and functionality in order to explain how Howey Test applies to digital assets. He added this will help the authorities ahead and this is also the “crux of the FIT of 21st Century Act.” Read More Crypto News Here…
The FIT for the 21st Century Act led by the House Financial Services Committee is projected as an historic first step in the direction of gaining legal clarity for digital assets. However, this will provide the market with robust, tested user protection and facilitate a regulatory environment allowing it to expand.
US To Lead Digital Asset Market In Regulations
The regulatory scrutiny of the crypto industry was triggered after the major digital asset linked firms like Celsius Network, Voyager Digital, and FTX collapsed last year. FTX breakdown alone cost the crypto market around $40 billion.
For over a century, the US has been a tech innovation leader, contributing to human progress. However, with other countries implementing clear digital asset regulations, the US risks lagging behind. The Committee is now taking the initial step to address this regulatory gap, added the GOP chair.
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