Hideo Nakamura Last week, the U.S. House Financial Services Committee successfully passed four bills related to digital assets, marking a significant milestone for the American crypto industry. Kristin Smith, the CEO of Blockchain Association, expressed her approval, attributing the success to a coordinated effort to educate and support crypto’s advocates in Congress.
The four bills are as follows:
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The Financial Innovation and Technology (FIT) for the 21st Century Act: This bill aims to establish a comprehensive regulatory framework for the issuance and trading of digital assets under the oversight of both the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
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The Blockchain Regulatory Certainty Act: This bill clarifies that blockchain developers and service providers not involved in controlling consumer funds should not be classified as financial institutions or money service businesses under the law.
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The Clarity for Payment Stablecoins Act: This bill recognizes multiple regulatory pathways for approving and regulating stablecoin issuers.
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The Keep Your Coins Act: This bill focuses on safeguarding the self-custody of cryptocurrencies.
Kristin Smith noted that these votes are a significant development for the crypto industry in the United States, though she acknowledged that further work is required, particularly in refining the FIT 21 Act. Nonetheless, she expressed excitement about the progress made so far.
The passing of these bills is noteworthy because it marks the first time that crypto regulatory bills have been successfully voted out of committee, moving one step closer to a full House vote. By doing so, Congress is taking an active role in shaping the regulatory landscape, rather than leaving it solely to federal agencies’ enforcement actions.
As the community awaits the next steps in the legislative process, opinions and feedback on the advancement of the four crypto bills are welcome in the comments section below.
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Frequently Asked Questions (FAQs) about crypto bills
What crypto bills did the US House Financial Services Committee pass?
The US House Financial Services Committee passed four crypto bills: the Financial Innovation and Technology (FIT) for the 21st Century Act, the Blockchain Regulatory Certainty Act, the Clarity for Payment Stablecoins Act, and the Keep Your Coins Act.
What does the FIT for the 21st Century Act aim to achieve?
The FIT for the 21st Century Act aims to establish a comprehensive regulatory framework for the issuance and trading of digital assets under the supervision of both the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
What does the Blockchain Regulatory Certainty Act address?
The Blockchain Regulatory Certainty Act clarifies that blockchain developers and providers of blockchain services that do not control consumer funds are not considered financial institutions or money service businesses under the law.
What does the Clarity for Payment Stablecoins Act do?
The Clarity for Payment Stablecoins Act recognizes several regulatory paths for approving and regulating stablecoin issuers.
What is the purpose of the Keep Your Coins Act?
The Keep Your Coins Act is designed to protect the self-custody of cryptocurrencies.
Why is the passing of these bills significant for the crypto industry?
The passing of these bills marks a milestone for the American crypto industry and indicates progress towards establishing a workable regulatory framework for the sector in the United States.
What did Kristin Smith, CEO of Blockchain Association, say about the bills’ advancement?
Kristin Smith expressed her excitement about the progress made with the bills’ advancement, though she acknowledged that more work is needed, especially in refining the FIT for the 21st Century Act.
Why is the advancement of the four crypto bills noteworthy?
The advancement of these four crypto bills is noteworthy because it is the first time such regulatory bills have been successfully voted out of committee, moving closer to a full House vote and indicating a more proactive role of Congress in shaping the regulatory landscape.
What is the CEO of Blockchain Association’s opinion on the development?
Kristin Smith, the CEO of Blockchain Association, believes that the votes on the bills are a significant step forward for the crypto industry in the US, despite the need for further improvements.
How did the CEO of Blockchain Association attribute the success of the bills?
Kristin Smith attributed the success of the bills to a coordinated effort to educate and support crypto’s advocates in Congress.
More about crypto bills
- U.S. House Committee Passes Four Crypto Bills
- Kristin Smith’s Twitter (Note: The actual Twitter link is not provided in the text, so “XXXXX” represents a placeholder for the specific tweet URL.)
- Financial Innovation and Technology (FIT) for the 21st Century Act
- Blockchain Regulatory Certainty Act
- Clarity for Payment Stablecoins Act
- Keep Your Coins Act
- Blockchain Association
1 comment
luv it! congress takin’ charge 2 design crypto rules instead of fed agencies! fit 21 act sounds promisin’. can’t wait 4 full house vote!