US Congress Set To Vote On 5 Crypto Bills This Week

• The United States Congress is set to vote on five bills related to the regulation of the crypto industry.
• The bills cover various aspects including stablecoins, blockchain regulation, self-custody, and privacy.
• If approved, the crypto bills will move on to the House floor for members to cast their votes.

The United States Congress is set to vote on five bills this week that will dictate the regulation of the country’s crypto industry. Crypto experts have underscored the importance of the bills, which cover various elements of the crypto industry including blockchain regulation, self-custody, privacy, and stablecoins.

1) This week in Congress and crypto: This is the week. Nearly 5 years after a various group of bipartisan lawmakers got together to work on a regulatory framework for crypto, we are now at the cusp of Congress moving various crypto regulatory bills. Here's what's on deck:

— Ron Hammond (@RonwHammond) July 25, 2023

Ron Hammond, the Director of Government Relations at the Blockchain Association, took to Twitter earlier today to highlight the five crypto bills that will be presented to members of Congress this week. Blockchain Association is a crypto advocacy group that is well known for its lobbying efforts for crypto regulation.

The first bill is called the Clarity for Payment Stablecoins Act of 2023, which was introduced by Congressman Patrick McHenry before the House Financial Service Committee on July 20, 2023. The bill is for clarity for the digital asset ecosystem and seeks to address national security concerns associated with crypto.

Next up is the Financial Innovation and Technology for the 21st Century Act, introduced by Congressman Glenn Thompson in the House Committees on Finance and Agriculture. The 212-page bill proposes a regulatory framework for the Securities and Exchange Commission and addresses existing regulatory gaps.

The third bill, Blockchain Regulatory Certainty Act, was introduced by Majority Whip Tom Emmer in March 2023 before the House Financial Service Committee. The bill seeks safe harbor for validators, software developers, and related service providers from registration as a money service business.

The fourth bill is called the Keep Your Coins Act, which was unveiled by Congressman Warren Davidson in February last year to address self-custody and preserve users’ right to privacy while interacting with digital assets. The last bill, the Financial Technology Protection Act, was introduced by Senator Ted Budd to combat the use of crypto in illicit financing and financing of terrorism.

Source: https://thebittimes.com/us-congress-set-to-vote-on-5-crypto-bills-this-week-tbt56937.html?utm_source=blogger_source&utm_medium=blogger_medium&utm_campaign=blogger_cam

Category: Cryptocurrency News

Post by: TheBitTimes.com