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US House Republicans introduced a landmark crypto bill to establish a regulatory framework for digital assets, protect consumers, foster innovation, and position the United States as a global leader in finance and technology. The crypto bill made key revisions to the June draft digital asset market structure and stablecoins bills after Judge Torres’ crucial decision in the US SEC v. Ripple Labs lawsuit.
The “Financial Innovation and Technology for the 21st Century Act” is introduced by US House of Representatives Republicans Glenn Thompson, French Hill, and Dusty Johnson. Others such as pro-crypto Congressmen Patrick McHenry, Tom Emmer, and Warren Davidson are also named as key contributors. The bill introduced today is the latest version that’s signed, has a bill number, and will be marked up next week.
It will provide clarity on the digital asset ecosystem and oversight of the crypto industry. The bill offers both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) jurisdiction over the crypto industry in separate areas.
Patrick McHenry, Chairman of the House Financial Services Committee, said:
“This is a pivotal moment for America’s standing as the global leader in innovation and technology adoption. Not only can digital assets revolutionize our financial system, but their underlying blockchain technology holds promise as the building blocks for the next generation of the internet.”
Changes After the Judge Torres’ Ruling in the XRP Lawsuit
The latest version of the bill makes several key changes after the XRP ruling. It includes definitions of digital assets and decentralized under securities law and commodity laws, as well as allowing exchanges and firms to file a notice of intent to register with the SEC or CFTC.
The legislation would also mandate the SEC and CFTC to conduct a joint study to “assess whether additional guidance or rules are necessary to facilitate the development of tokenized securities and derivatives products.” The regulators would consider rules that impact the fairness of the markets, public interest, and investor protection.
See an overview of major changes to the crypto bill here and other changes in the crypto bill document.
If the bill is passed in the House, it would be up to the Democrat-led Senate to decide on the bill. Some Democrats such as Maxine Waters have expressed concerns about the bill. Also, the SEC under Gary Gensler repeatedly said new rules aren’t needed to define crypto assets. However, Ripple vs SEC ruling shows that digital assets require new rules and definitions.
Crypto Community Reactions
The crypto community reacted positively to the introduction of the crypto bill. The community believes the announcement is bullish for the market.
“If we want to be taken seriously as a nation, we have to act seriously as a nation. This legislation would finally put the US into the global conversation on digital asset regulation. Congress should enact this without delay,” said Coinbase CLO Paul Grewal.
Pro-XRP attorney John Deaton argues he will reserve his opinion for later as some are still trying to attack the crypto.
Dan Gambardello stated Cardano and DeFi are stealing the spotlight after the announcement. The crypto bill is critical to provide regulatory clarity and certainty for digital assets in the US.
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