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.

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.

Comments

Post a Comment

Popular posts from this blog

Solana traders prepare for FTX-induced sell pressure on SOL — Is it premature?

Image
Crypto traders are talking about SOL price falling due to the risk of FTX selling its $1.16 billion Solana stake. Are they over-exaggerating? For a long time, Solana (SOL) has been associated with the founder of now insolvent crypto exchange FTX and hedge fund Alameda Research, Sam Bankman Fried. He was an early investor in the project and invested in numerous Solana ecosystem projects during the 2020-2021 bull mania. So when FTX collapsed toward the end of 2022, Solana and other “Sam coins” plummeted significantly, falling to lows of $9.89 — down 96.3% from the peak of $259.96. Since the start of 2023, Solana’s price staged a recovery to gain 175% to reach a peak of $27.37 as the ecosystem also witnessed growth. However, more recently, SOL came under tremendous selling pressure after the Delaware Bankruptcy Court approved the sale of FTX’s digital assets, which includes 55.75 million SOL worth $1.062 million. However, the unlock schedule of FTX’s holdings and derivative market posit
Read more

US Officials Consider Bailing Out All Silicon Valley Bank Deposits

Image
The Washington Post has reported that US officials are considering bailing out all Silicon Valley Bank deposits. Specifically, the report stated federal officials considering “safeguarding all uninsured deposits,” at the now-closed financial institution. Moreover, the government is considering “extraordinary intervention,” to limit any potential fear derived from the country’s financial system. Sources have told the publication of the potential bailout that is currently being discussed by officials at the Treasury Department, Federal Reserve, and the Federal Deposit Insurance Corp (FDIC). JUST IN: 🇺🇸 US officials consider bailing out all Silicon Valley Bank deposits, WAPO reports. — Watcher.Guru (@WatcherGuru) March 12, 2023 US Considers “Safeguarding” SVB Deposits The collapse of SVB Financial was a development in the banking sector that no one saw coming. Subsequently, as unrealized losses forced the bank to seek capital, its closure marked the largest bank fai
Read more

Axie Infinity Price Slips, But Play-to-Earn Meme Coin Tamadoge Pumps 20% on Super Doge Game Launch News

Image
Tamadoge is the top-performing major meme coin today, trading up 19% at $0.0176, after announcing its first game – Super Doge – will launch this week. Tamadoge currently has five games in beta testing in its Games Arcade, which makes it somewhat different to the run of the milll memes coins lacking in utility. Play-to-earn giant Axie Infinity is up 33% in past 7 days – helps lift TAMA? Interest in the coin is perhaps being rekindled by the performance of the standout play-to-earn coin Axie Infinity, helping to refocus investor and trader attention on coins in the P2E games sector.  AXS is up 33% in the past seven days although is down 7% today at $11.90. Axie is the original P2E success story, but following the $650 million Ronin bridge hack the price collapsed and many users fled the game.  There are signs of that changing with a revamped game that has addressed some of the flaws in the original, which seemed to emphasise attracting speculative hot money.  The orig
Read more