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The Republicans in the US House of Representatives have introduced a significant cryptocurrency bill known as the “Financial Innovation and Technology Act for the 21st Century” with the aim of creating a regulatory framework for cryptocurrencies, protecting consumers, promoting innovation, and positioning the US as a global leader in finance and technology. The initial response from the cryptocurrency community to the bill has been positive.
The Final Decision on the Bill Will Be Made by the Democratic-led US Senate
The bill has undergone revisions following Judge Torres’ partial ruling in favor of Ripple in the lawsuit brought against them by the Securities and Exchange Commission (SEC). It aims to provide clarity on the oversight of the cryptocurrency ecosystem and industry. The bill grants different powers to both the SEC and the Commodity Futures Trading Commission (CFTC) over the cryptocurrency industry.
Contributors to the bill include members of the US House of Representatives Glenn Thompson, French Hill, and Dusty Johnson, as well as cryptocurrency-friendly Congress members Patrick McHenry, Tom Emmer, and Warren Davidson.
The final version of the bill allows cryptocurrency exchanges and companies to file an intention to register with the SEC or CFTC by defining cryptocurrencies and decentralization under securities and commodities laws. It also requires the SEC and CFTC to collaborate on evaluating the need for additional guidance or rules for tokenized securities and derivative products, considering market fairness, public interest, and investor protection.
If the bill passes the US House of Representatives, the final decision will be made by the Democratic-led US Senate. Despite previous statements from SEC Chairman Gary Gensler suggesting that new rules are not needed to define cryptocurrencies, some Democrats, like Maxine Waters, have expressed concerns about the bill.
Positive Initial Reaction from the Cryptocurrency Community to the Bill
The cryptocurrency community has responded positively to the bill, believing it will have a positive impact on the market. Prominent XRP advocate and lawyer John E. Deaton stated that the market’s reaction would be favorable if the bill passes the US Senate.
The cryptocurrency bill is seen as crucial for providing regulatory clarity and certainty for the cryptocurrency sector in the US. Paul Grewal, the Chief Legal Officer of Coinbase, emphasized the need for the legislation to come into effect for the US to be taken seriously in global cryptocurrency regulation debates.
