Crypto Regulatory Bill passes US Congressional Committee: How India can benefit from It?

economictimes.indiatimes.com:

US Congressional Committee took a monumental step by advancing a bipartisan bill that seeks to establish a comprehensive regulatory framework for cryptocurrencies. This marks a pivotal moment for Capitol Hill in its endeavors to formalize federal oversight for the digital asset industry. The crypto sector has faced increased scrutiny, especially after several investors were affected by the sudden collapse of prominent companies like Celsius Network, Voyager Digital, FTX, and others. Against this backdrop, the classification of cryptocurrencies as securities or commodities represents a progressive stride, addressing both the Commodity Futures Trading Commission (CFTC) oversight and concerns raised by the Securities and Exchange Commission (SEC). With Congress passing its first regulatory bill for the crypto industry, a long-awaited victory has been achieved, while a parallel discussion regarding stablecoin requirements under the Federal Reserve’s purview is ongoing, which will strike a balance between innovation and investor protection.Why is this bill Important?The recent advancement of the regulatory bill by the US congressional committee signifies a groundbreaking effort to provide much-needed clarity to the evolving crypto industry. For years, crypto companies have operated within a regulatory gray area, leaving both investors and businesses uncertain about their legal obligations and rights.

Did you Know?

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