US Lawmakers Finally Approve Two Crypto Bills
US lawmakers pass two bills for clearer crypto rules, but disagreement arises over a third.
A main US government group has passed two new bills that could make rules clearer for companies working with cryptocurrencies, like Bitcoin. These bills also explain who should regulate these companies - the U.S. securities or commodities groups.
On July 26, the majority of US lawmakers agreed to the Financial Innovation and Technology for the 21st Century Act and the Blockchain Regulatory Certainty Act.
The Financial Innovation and Technology for the 21st Century Act was approved 35-15 by the House Financial Services Committee. This bill would create rules telling crypto companies when to register with the Commodity Futures Trading Commission or the Securities and Exchange Commission. It also explains how companies can confirm with the SEC that their projects are decentralized enough, letting them register digital assets as digital goods with the CFTC.
Republican Congressman French Hill, who also helps lead the committee, said he was happy the bill passed its first step with support from both parties.
Meanwhile, the Blockchain Regulatory Certainty Act sponsored by lawmakers from both parties, aims to remove barriers for “blockchain developers and service providers”. This includes miners and decentralized finance platforms. Republican Congressman Tom Emmer explained that the Act will make it clear which blockchain-related companies are considered money transmitters in the US. If it passes in the House of Representatives, it will confirm that if you don’t hold customer money, you are not a money transmitter.
However, not everyone agreed to another proposed bill, The Digital Assets Market Structure bill. Democratic Representative Maxine Waters criticized the bill for following the crypto industry too closely and not listening to rules from the SEC. She said, “we don’t need to invent new rules just because crypto companies refuse to follow existing ones.”
