Reserve

Cryptocurrency

Bitcoin

<ul> 
 <li>The US advances crypto bill advances leading to possible clear regulatory framework.</li> 
 <li>Bipartisan vote would need first congressional approval.</li> 
 <li>While the bill may face Senate challenges, it is still a huge leap for the crypto industry.</li> 
</ul> 
<p>Crypto bill passes a key congressional committee, paving the way for regulatory framework development in the industry. The bill clarifies the classification of cryptocurrencies as securities or commodities and expands CFTC oversight while addressing <a href="https://www.sec.gov/" target="_blank" rel="noopener noreferrer nofollow">SEC</a> jurisdiction concerns.</p> 
<p>A bipartisan vote in favor of the bill marks the first time a crypto regulatory bill is advanced in Congress. This moves gives hope to the crypto industry for increased regulatory clarity. Despite Democratic support, some members, including Representative Maxine Waters, oppose the bill, claiming it creates confusion and offers fewer protections for consumers and investors.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
   <p lang="en" dir="ltr">BREAKING!! – <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Crypto</a> Bill passes and moves to the House Floor – much to talk about in the AM! <br><br>The bill passed by the House Financial Services Committee would define when a cryptocurrency is a security or a commodity and expand the (CFTC) oversight <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#crypto</a>, while clarifying the…</p>— PaulBarron (@paulbarron) <a href="https://twitter.com/paulbarron/status/1684385697170444289?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 27, 2023</a> 
  </blockquote> 
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
<p>As we can see from the post above, the crypto community sees this as excellent news as <a href="https://cryptonewsland.com/will-xrp-win-reflect-the-same-victory-on-similar-altcoins/" target="_blank" rel="noopener noreferrer nofollow">more clarity is what many have been waiting for</a>. To highlight, the post says there will be much to look forward to.</p> 
<p>This opens the door for discussions on how to regulate the crypto sector. Thus, the bill may face challenges in the Senate, where Sherrod Brown, head of the <a href="https://www.banking.senate.gov/about" target="_blank" rel="noopener noreferrer nofollow">Senate Banking Committee</a>, is uncertain about the need for additional crypto regulation.</p> 
<p>Cryptocurrency companies have been operating in a regulatory gray area, but the SEC has been asserting its authority, considering most cryptocurrencies as securities subject to investor protection rules.</p> 
<p>Lawmakers are also to consider another bill that would have the Federal Reserve issue stablecoin requirements while preserving state regulators’ authority. Modifications were made to address concerns about oversight evasion.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
   <p lang="en" dir="ltr">This is a big deal. Remember what I said about Caitlin and <a href="https://twitter.com/custodiabank?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@custodiabank</a>’s battle with the Fed? After considering ChokePoint 2.0, Caitlin’s fight is arguably just as important (if not more) as the <a href="https://twitter.com/Ripple?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@Ripple</a> XRP case. The Fed, just like the SEC, has been ignoring its statutory… <a href="https://t.co/PUxYMshy8U" rel="noopener noreferrer nofollow">https://t.co/PUxYMshy8U</a></p>— John E Deaton (@JohnEDeaton1) <a href="https://twitter.com/JohnEDeaton1/status/1684404657672667139?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 27, 2023</a> 
  </blockquote> 
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div> 
</figure> 
<p>Other responses to similar posts show that the crypto community sees this move as a big deal. Perhaps even more of a bigger deal than the <a href="https://cryptonewsland.com/ripple-wins-lawsuit/" target="_blank" rel="noopener noreferrer nofollow">XRP vs SEC case</a>. Overall, the future looks brighter for the crypto space. While negotiations are ongoing, the development of a federal stablecoin regime remains uncertain, as state frameworks already exist.</p> 
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4> 
<ul class="wp-block-yoast-seo-related-links"> 
 <li><a href="https://cryptonewsland.com/coinbase-clo-gears-up-to-testify-for-clear-crypto-rules/" rel="noopener noreferrer nofollow">Coinbase CLO Gears up to Testify for Clear Crypto Rules</a></li> 
 <li><a href="https://cryptonewsland.com/white-house-releases-framework-for-digital-assets/" rel="noopener noreferrer nofollow">White House Releases Framework for Digital Assets</a></li> 
 <li><a href="https://cryptonewsland.com/vietnam-to-develop-legal-framework-for-crypto/" rel="noopener noreferrer nofollow">Vietnam To Develop Legal Framework for Crypto</a></li> 
 <li><a href="https://cryptonewsland.com/binanceus-reverses-decision-no-removal-of-usdt-advanced-trading-pairs/" rel="noopener noreferrer nofollow">BinanceUS Reverses Decision: No Removal of USDT Advanced Trading Pairs</a></li> 
 <li><a href="https://cryptonewsland.com/michael-saylor-regulatory-clarity-driving-bitcoin-adoption/" rel="noopener noreferrer nofollow">Michael Saylor: Regulatory Clarity Driving Bitcoin Adoption</a></li> 
</ul> 
<p>The post <a rel="noopener noreferrer nofollow" href="https://cryptonewsland.com/us-crypto-bill-advances-clear-regulatory-framework-on-the-horizon/">US Crypto Bill Advances, Clear Regulatory Framework on the Horizon</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptonewsland.com">Crypto News Land</a>.</p>

US Crypto Bill Advances, Clear Regulatory Framework on the Horizon

Crypto News Land

Other articles published on Jul 27, 2023

WEMIX and NILE participate in HELLO NFT! 2023

UK’s Revolutionary Leap: Blockchain Technology to Power Digital Trade Documents

BlackRock, Jio Joint Venture Causes Drop In Indian Stock Market

Robert F. Kennedy Jr. Owns 14 BTC, Supports Cryptocurrencies and Promises Banking Reforms!

Analyst Laments Litecoin Stagnant Network Activity Despite Upcoming Halving

Israeli government forms special team to regulate Crypto DAOs

Join our free newsletter for daily crypto updates!