Historic U.S. Crypto Bills Passed: A Leap into the Future

Updated: 28 July 2023

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The U.S. crypto industry has experienced a historic moment with the passing of groundbreaking crypto bills. This monumental event, arguably even surpassing the Ripple win, has created ripples throughout the nation and possibly set the trajectory for the future of cryptocurrency in the United States.

The House Vote

The recent U.S. house vote saw over 10 hours of intense hearings, debates, and amendments. This comprehensive event was broken down into easily digestible 13-minute clips for the public. The contents of these clips provided insights into what the future holds for crypto in the U.S., showing the shifting attitudes and increasing acceptance of digital currencies among legislators.

Important action you can take to protect the value of your crypto in America:

Today, two House committees started voting to take an important step on legislation that will create regulatory clarity for crypto. They will continue tomorrow. The bill will evolve during the…

— Brian Armstrong (@brian_armstrong) July 27, 2023

Paul Bearer of the Tech Path thanked their sponsor, I trust Capital, and highlighted their extensive efforts in tracking every single bill and house hearing on crypto. The channel prides itself on deep dives into crypto legislation, aiming to provide the most comprehensive list on the subject within the YouTube ecosystem.

The Bills Discussed

The house Financial Services Committee hearing dealt with a combination of bills:

The Fit Act (Bill 4763): This historic piece of legislation aims to bring the U.S. up to speed with countries like the UK, the EU, Singapore, and Australia. The bill provides the CFTC jurisdiction over digital commodities and clarifies the SEC’s domain over digital assets as part of an investment contract. It also introduces disclosure regimes, establishing a robust consumer protection framework for Americans.
Blockchain Regulatory Certainty Act: Another significant bill, presented by Tom Emmer, which managed to progress favorably to the house.

Several other bills, while not central to the crypto conversation, did feature some blockchain elements, making them relevant to the wider discussion.

The Debate

Maxine Waters voiced concerns about the commingling of customer funds, which she believes was a key factor in the fall of FTX. She, therefore, nicknamed the bill as the “Not for the 21st Century Act.” However, defenders of the bill emphasized that the worst practices of FTX are prohibited in this bill, and it provides better consumer protection than the current scenario.

A significant point of discussion was around securities. While some representatives felt that there was ambiguity around what qualifies as a security, others believed the bill provided clear distinctions.

The Significance

With these legislative moves, the U.S. takes a step closer to bringing clarity in the often murky waters of crypto regulation. Not only does it bring the country on par with other nations that have clear regulatory frameworks, but it also potentially opens up opportunities for more significant crypto innovations and acceptance.

Furthermore, ongoing discussions and negotiations on stablecoin legislation continue. While no breakthrough was announced, there seems to be goodwill and significant efforts from both Republican and Democratic teams on the Financial Services Committee to reach a consensus.

The advancement in regulations, especially around blockchain and crypto, represents a massive leap forward. If a stablecoin regulation makes it through the house and senate, it could significantly boost blockchain, crypto, and web 3 advancements in the U.S.

Conclusion

The recent developments in U.S. crypto legislation are not merely about the present but signify a leap into the future. With crypto being recognized, debated, and legislated upon at the highest governmental levels, it’s clear that the industry’s trajectory is upwards. For those interested in staying updated on this ever-evolving landscape, our site provides several articles and guides on the topic.