U.S Congressional Committee Passed Two Bills to Bring Regulatory Clarity and Remove Hurdles for Crypto Industry

On July 26, the majority of U.S. lawmakers voted in favor of the Financial Innovation and Technology for the 21st Century Act as well as the Blockchain Regulatory Certainty Act.

The House Financial Services Committee approved the Financial Innovation and Technology for the 21st Century Act in a 35-15 vote which would establish 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 which would allow them to register digital assets as a digital commodity with the CFTC.

Meanwhile, the bipartisan “Blockchain Regulatory Certainty Act” aims to set out guidelines that remove hurdles and requirements for “blockchain developers and service providers” such as miners, multi-signature service providers and decentralized finance (DeFi) platforms.