In a significant move towards regulatory clarity for the crypto industry, the U.S. Congressional Committee has passed two pivotal bills. The majority of U.S. lawmakers voted in favor of the Financial Innovation and Technology for the 21st Century Act and the Blockchain Regulatory Certainty Act on July 26.
Financial Innovation and Technology for the 21st Century Act
The House Financial Services Committee approved the Financial Innovation and Technology for the 21st Century Act in a 35-15 vote. This act establishes rules for crypto firms on when to register with either the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC).
The Republican bill also outlines a process for firms to certify with the SEC that their projects are adequately decentralized. This certification would allow them to register digital assets as a digital commodity with the CFTC.
Blockchain Regulatory Certainty Act
In tandem with the Financial Innovation and Technology for the 21st Century Act, the bipartisan Blockchain Regulatory Certainty Act aims to set out guidelines that remove hurdles and requirements for “blockchain developers and service providers”. This includes miners, multi-signature service providers, and decentralized finance (DeFi) platforms.
Conclusion
These legislative advancements mark a significant step towards regulatory clarity for the crypto industry in the U.S. By establishing clear guidelines for registration and certification, these acts could potentially remove many of the existing hurdles for blockchain developers and service providers. As the crypto industry continues to evolve, such regulatory clarity will be crucial for its sustained growth and development.
