Crypto Lobbyists Rejoice as Congress Takes Steps Towards Clearer Regulations

Updated: 27 July 2023

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The U.S. crypto industry gained hope for a clearer regulatory environment as the House Financial Services Committee approved two bills addressing major issues in the sector.

The Financial Innovation and Technology for the 21st Century Act and the Blockchain Regulatory Certainty Act received majority support in the US Congress vote.

Lawmakers Vote in Favor of Regulatory Bills

The initial bill, addressing the registration of cryptocurrencies as securities or commodities, was approved by 35 out of 50 House Financial Services Committee members.

#PASSED: In a historic first, the House Financial Services Committee just advanced the BIPARTISAN FIT for the 21st Century Act to protect consumers and provide clear rules of the road for the digital asset ecosystem.

Up next: @HouseAgGOP considers the legislation tomorrow. pic.twitter.com/kOyLmolPuz

— Financial Services GOP (@FinancialCmte) July 26, 2023

The Republican-led bill passed in the House provided clear directives for crypto firms to register their assets with the CFTC and SEC.

It includes provisions for certification with the SEC, ensuring projects meet decentralization standards before registering as digital commodities with the CFTC.

This move clarifies the roles of SEC and CFTC in the crypto industry, addressing concerns of overreach.

The bill received bipartisan support and praise for establishing consumer protections and promoting innovation in the United States.

Representative Ritchie Torres expressed relief, calling for sensible crypto regulation by Congress.

The status quo of crypto regulation by enforcement has failed retail customers.

Einstein once said: “If we do the same thing over and over again and expect a different result, that’s the definition of insanity.”

It’s time for Congress to bring sanity to crypto regulation. pic.twitter.com/bIBgd3iFqU

— Rep. Ritchie Torres (@RepRitchie) July 26, 2023

On Thursday, the Financial Innovation and Technology for the 21st Century Act moves to the House Agriculture Committee, with members aiming for its successful passage.

Huge Win for the United States

The House committee passed the second bill on July 26, introduced by Congressman Darren Soto and Congressman Tom Emmer, aiming to establish favorable rules for blockchain developers and service providers.

The Blockchain Regulatory Certainty Act focuses on defining blockchain-related entities as money transmitters in the US, clarifying that those not holding customer funds are not classified as money transmitters.

Emmer celebrated the bill’s passing as a ‘Huge Win’ for the US, garnering bipartisan support.

BREAKING: My nonpartisan bill – the Blockchain Regulatory Certainty Act – just passed out of the @FinancialCmte.

This is a huge win for the United States as we are one step closer to putting Americans in the driver’s seat in crafting the future peer-to-peer digital economy. pic.twitter.com/JEOuflDMax

— Tom Emmer (@GOPMajorityWhip) July 26, 2023

New Era for U.S. Crypto

In a significant development, Congress held a markup session, voting on the first crypto regulatory bill, which is a step toward providing regulatory clarity for the industry.

This progress is seen as a win for crypto lobbyists who have been advocating for such measures for years.

Representative Patrick McHenry expressed the importance of catching up with other jurisdictions that have clear regulatory frameworks for digital assets.

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