US House to Consider Two Revolutionary Crypto Bills in the Coming Week

Next week, there will be significant legislative activity as the US House of Representatives prepares to vote on two key bills, H.R. 5403 and H.R. 4451. These bills are poised to have a substantial impact on the regulation of digital currencies and securities within the United States, potentially reshaping the financial landscape.

House to Vote on Crypto Regulation Bills

The first of the bills, H.R. 5403, known as the CBDC Anti-Surveillance State Act, proposes stringent limitations on the Federal Reserve’s involvement with digital currencies. Specifically, it would prevent the Federal Reserve from issuing Central Bank Digital Currencies (CBDCs) directly to individuals and from using CBDCs to execute monetary policy. Moreover, the act seeks to stop the Department of the Treasury from directing the issuance of a CBDC, aiming to protect citizens from potential financial surveillance and control.

This bill has extensive implications as it reinforces the separation between government institutions and direct consumer financial products. By restricting these capabilities, the bill advocates for a more privatized approach to digital currency, away from federal oversight and control.

Concurrently, H.R. 4451, titled the Securities Clarity Act, intends to refine the definition of what constitutes a security. The bill clearly exempts investment contract assets, which are sold pursuant to an investment contract and are not inherently securities, from being treated as such for regulatory purposes. This classification directly affects how cryptocurrencies are viewed and managed under federal law, potentially easing the regulatory burden on crypto companies.

Also Read: Michael Saylor Shares Bullish Bitcoin (BTC) Tip As Price Crosses $67K

This bill’s clarity is expected to encourage innovation and investment within the crypto space by offering a clearer regulatory framework. It aims to remove significant uncertainties that currently cloud the classification and treatment of digital assets.

Bipartisan Support for Crypto Regulation Grows

These legislative efforts follow the US Senate’s recent decision to repeal Staff Accounting Bulletin 121 (SAB 121), which garnered bipartisan support and indicates a growing legislative focus on digital currency and asset regulation. In addition, influential groups such as the Crypto Council Innovation (CCI) and prominent firms like Coinbase and Gemini have expressed their support for another related bill, the Financial Innovation and Technology for the 21st Century Act (FIT 21).

FIT 21 proposes a comprehensive regulatory framework for digital assets managed jointly by the Commodity Futures Trading Commission (CFTC) and the SEC. This act focuses on customer protection measures such as fund segregation, risk disclosures, and conflict of interest regulations, enhancing the overall stability and transparency of the digital asset market.

Also Read: XRPL Startup XPMarket Initiates Token Swap After Distribution Error

Source link

#House #Vote #Landmark #Crypto #Bills #Week