Us house Financial News

The United States House of Representatives recently adopted new rules banning all use of artificial intelligence (AI) large language models by members, with the sole exception of OpenAI’s ChatGPT Plus service. 

House Republican lawmaker said Tuesday that he intends to hold a committee vote on a comprehensive bill to establish a regulatory framework for cryptocurrency products in the coming weeks. Representative Patrick McHenry, chairman of the House Financial Services Committee, said he expects to put a bill forward for the panel to consider after lawmakers return to work on July 11. «I intend for this committee to mark up some form of this legislation when we return from the July 4 recess,» he said at a hearing Tuesday. McHenry has been leading an effort by some Republicans in Congress to pass a bill establishing clear rules for the crypto industry. A discussion draft put forward earlier this month by McHenry and others would clarify responsibilities for overseeing crypto products by regulators, and would give a pathway for crypto companies and exchanges to register with those agencies.

The House Financial Services Committee under its Republican leadership has dropped a new version of its stablecoin bill after receiving feedback from its Democratic members. 

The United States House Financial Services Committee has released the third draft of the stablecoin bill presented by the Republican chair Patrick McHenry. The latest draft of the bill is aimed at bipartisan legislation and includes certain proposals from both Republican and Democratic financial services committees. 

State versus federal regulation was a key issue in the hearing on stablecoins in the United States House of Representatives on May 18. The House Committee on Financial Services’ new Subcommittee on Digital Assets, Financial Technology and Inclusion heard testimony from five experts as it considered two proposed bills to regulate stablecoins.

The chair of the United States House of Representatives Financial Services Committee and six subcommittee chairs have sent a letter to U.S. Securities and Exchange Commission (SEC) Secretary Vanessa Countryman voicing their concerns over the agency’s proposed advisory clients custody rule. They join a string of crypto industry figures in expressing their objections.

House Financial Services Committee Chair Patrick T. McHenry accused US Securities and Exchange Commission Chair Gary Gensler of avoiding requests for information about cryptocurrency-related matters, going so far as to threaten a hearing if they don’t hear back soon.

Lawmakers on both sides of the aisle seem to be reaching some sort of agreement on the need for legislation to regulate cryptocurrency.

US lawmakers drifted the idea of regulating cryptocurrency through a self-regulatory organization putting both the Securities and Exchange Commission and the Commodity Futures Trading Commission in charge.

Patrick McHenry, the Chair of the United States House Financial Services Committee, has criticized the Securities and Exchange Commission (SEC) over its approach to digital assets. During an oversight hearing on April 18, McHenry used his opening statement to accuse the SEC of “punishing” digital asset firms through regulation by enforcement without a clear path to compliance. McHenry reiterated his calls for clear legislation on crypto and pressed SEC Chair Gary Gensler for a definitive answer on whether Ether (ETH) qualified as a security or a commodity.

The US House Committee on Financial Services will conduct a hearing on April 19 to evaluate the role of stablecoins as a means of payment and determine whether the payment ecosystem needs supporting legislation. The hearing, titled “Understanding Stablecoins’ Role in Payments and the Need for Legislation,” will focus on various stablecoins and their use in the payments landscape. The committee will explore the need for stablecoin legislation based on their underlying collateral structures.

The US House Financial Services Committee and House Agriculture Committee are set to introduce comprehensive legislation to oversee the cryptocurrency sector in the next two months.

The United States House of Representatives was abuzz with talk about crypto on April 27, as both the Financial Services Committee and the Agriculture Committee held hearings with nearly identical titles and covered nearly the same ground with many similar conclusions.

Three Republican members of the United States House of Representatives Financial Services Committee have sent letters to the heads of U.S. banking regulatory agencies seeking information on possible coordinated efforts taken against digital asset firms. The letters follow up on ones sent to the same addresses by the lawmakers earlier.

The United States House of Representatives Committee on Financial Services will hold a hearing on stablecoin regulation on April 19. The hearing follows the announcement of a new draft bill in the House to provide a framework for stablecoins regulation. Some of the speakers invited have released advance transcripts of their planned testimony.

Patrick McHenry, chair of the United States House Financial Services Committee, jumped right into criticism of the Securities and Exchange Commission and its leadership over digital assets at an oversight hearing. 

Republicans in the United States House of Representatives reportedly plan to step up their oversight of the crypto industry with the creation of a new subcommittee.

US House Democrats released six years of former president Donald Trump's tax records to the public on Friday, disclosing nearly 6,000 pages of documents he had long fought to keep secret and dealing him another setback as he again seeks the White House in 2024.

Continuing his so-called apology tour, Sam Bankman-Fried appeared on a Twitter Spaces chat with Unusual Whales and told nearly 60,000 listeners that he intends to testify at the United States House of Representatives Financial Services Committee remotely on Dec. 13. He was previously confirmed to appear in person.

The Financial Services Committee Chair Maxine Waters has demanded Sam Bankman-Fried participate in the upcoming U.S. House committee’s hearing and testify on the collapse of his crypto empire. 

Maxine Waters, chair of the United States House Financial Services Committee, has called out former FTX CEO Sam Bankman-Fried for announcing on social media he intended to testify after “learning and reviewing what happened” at the exchange.