Following the talks that began yesterday, we continue to see new developments regarding crypto currency proposals. The US has realized how urgent it is to regulate the industry after the recent crash. Although it is delayed, an important step has now been taken. The next step is the voting of the bill in the Senate. So, what does the bill promise to change?
Just hours after receiving approval from the House Financial Services Committee, the House Agriculture Committee in the US discussed legislation regulating the crypto markets. The bill has become the most significant digital asset legislation to progress through Congress. As the committees have discussed and made changes to this extraordinary inter-jurisdictional effort and moved it forward, it is likely that the legislation will be voted on by the entire House of Representatives in the near future. However, there is still uncertainty in the Senate, and everyone is aware that the Securities and Exchange Commission is not pleased with this effort.
This historic step came amidst tense debates over a separate but related bill that was expected to receive more support from both parties in the House Financial Services Committee.
Can Crypto Currencies Be Regulated?
Despite skepticism from Democrats in the Senate, House Republicans and industry advocates tried to gain as much support as possible from Democrats in order to consider the market structure bill titled ‘FIT for the 21st Century Act’.
Although the market bill seemed to gain more support from Democrats in the Agriculture Committee, its approval by a majority vote made it difficult to measure the extent of bipartisan support. However, many Democrats proposed several changes to improve the bill.
A Republican from Pennsylvania said the following at Thursday’s committee meeting:
“This bill represents a significant milestone in the efforts of the House Agriculture Committee to create a much-needed regulatory framework for digital assets that promotes American leadership in finance and technology while protecting consumers and investors.”
What Will the Bill Change?
The bill provides more power and funding for the Commodity Futures Trading Commission to regulate crypto markets, referred to as digital commodities. It will also create a roadmap for the transition of a significant portion of crypto currencies from the security class to commodities.
