The United States House Financial Services Committee made significant progress in regulating the cryptocurrency industry as they approved a set of groundbreaking bills with bipartisan support. The committee’s dedication over fifteen months of collaboration culminated in the passi...
The United States House Financial Services Committee made significant progress in regulating the cryptocurrency industry as they approved a set of groundbreaking bills with bipartisan support. The committee’s dedication over fifteen months of collaboration culminated in the passing of seven financial bills, two of which focus on stablecoin regulation and digital asset custody.
On July 28, 2023, the House Financial Services Committee
bills, the Payment Stablecoins Act of 2023 (H.R. 4766) and the Keep Your Coins Act of 2023 (H.R. 4841), along with five other financial bills, including the “Guiding Uniform and Responsibility Disclosure Requirements and Information Limit (GUARDRAIL) Act of 2023,” “Protecting American Retirement Savings from Policies Act,” “The American Financial Institutions Regulator Sovereignty and Transparency Act,” “Businesses Over Activists Act,” and “Small Business Lending Under the Equal Credit Opportunity Act (Regulation B).” financialservices.house.govThe primary aim of these bills is to provide clear regulation on the issuance of stablecoin payments and ensure that crypto users are permitted to maintain custody of their digital assets in self-custodial wallets.
This bill strengthens the US financial sector’s competitiveness and benefits consumers and businesses. It upholds high regulatory standards to preserve the country’s role as a leading global financial hub. And also aims to safeguard people nationwide while interacting with financial services, representing a crucial stride toward the government’s vision of a modern, inclusive, technologically advanced, and eco-friendly financial industry that caters to the needs of all Americans and their communities.
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