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The US Financial Services Committee will vote on a comprehensive digital asset bill in the coming weeks to establish a regulatory framework, bringing clear rules and guidelines for the crypto industry. It follows a Financial Services Committee hearing on providing clarity for the digital asset market structure and regulation of payment stablecoins.
US House to Bring Regulatory Clarity on Crypto in Coming Weeks
US House Financial Services Committee Republican Chairman Patrick McHenry intends to hold a committee vote on a digital asset bill to bring clarity to the crypto industry. The voting on the bill will happen after lawmakers return on July 11.
“I intend for this committee to mark up some form of this legislation when we return from the July 4 recess.”
On Tuesday, the US House Financial Services Committee Democrats and Republicans discussed two bills to bring “clarity” regarding the digital asset market structure and regulation of payment stablecoins. The bills mark the first step towards regulating crypto in the US.
CoinGape Media earlier reported how the US House bills to provide clarity on the digital asset ecosystem and oversight of the crypto industry. The bill aims to provide both the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) jurisdiction over the crypto industry in separate areas.
Crypto firms seeking such clarity from the US Congress as the US SEC has taken a regulation by enforcement approach, arguing most crypto assets are securities. The SEC needs crypto exchanges and firms to register with its seemingly unclear proposed regulation.
The House Financial Services Committee admits the wrong approach of the US SEC and Chair Gary Gensler. Democrat Ranking Member Maxine Waters said allowing crypto exchanges to receive provisional registration could enable bad actors. Senators Sherrod Brown and Elizabeth Warren are skeptical over crypto assets.
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SEC Action Dupes Crypto Investors
The US SEC approach towards crypto and exchanges after the FTX collapse has duped investors of billions of dollars. The crypto industry believes the SEC lawsuits against Binance and Coinbase are not for protecting investors, but to ensure its jurisdiction over the crypto industry.
A U.S. District Court judge has ordered Binance.US and the SEC to work towards a compromise agreement and ruled that freezing assets will impact investors.
Also Read: US Fed Bet On “Pause”, Peter Brandt Predicts Bitcoin Rally
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