US House Financial Services Committee Approves First Crypto Regulatory Framework Bill
A key US House Committee on Wednesday passed a bipartisan bill to ensure regulatory clarity for cryptocurrencies.
The House Financial Services Committee approved a Republican-led bill in a 35-15 vote, with support from some Democrats including Jim Himes of Connecticut and Ritchie Torres of New York.
The bipartisan bill – dubbed the Financial Innovation and Technology for the 21st Century Act – would establish clearer rules on crypto firms on whether they should register with the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC).
The bill would also define when crypto is a security or a commodity and would widen the CFTC’s oversight of the crypto sector.
A large number of legislators were present during Wednesday’s markup, where the committee’s chair, Rep. Patrick McHenry (R-N.C.), praised the legislation, noting that it is the first time a committee is passing a crypto-specific bill and affirmed that the bill is important to prevent the US from “falling behind” other jurisdictions in crypto regulation.
“Our comprehensive digital asset market structure legislation recognizes a key issue: digital assets that are not inherently securities may be offered as part of an investment contract but that does not make them securities.”
The House Agriculture Committee will begin its own markup of the 21 Century Act on Thursday. The move comes as Republicans warned that crypto companies will head overseas without a clear regulatory framework in the country.
Apart from the crypto regulation bill, a Blockchain Regulatory Certainty Act was also passed by the key Committee let by Republican Congressman Tom Emmer and Democratic Congressman Darren Soto.
The legislation aims to provide clarity for
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