Crypto Bill Passes Congressional Committee in Victory for Industry

A key congressional committee on Wednesday advanced a bipartisan bill that aims to develop a regulatory framework for cryptocurrencies, a milestone for Capitol Hill in its efforts to codify federal oversight for the digital asset industry. From a report: The bill passed by the House Financial Services Committee would define when a cryptocurrency is a security or a commodity and expand the Commodity Futures Trading Commission's (CFTC) oversight of the crypto industry, while clarifying the Securities and Exchange Commission's jurisdiction, as many crypto advocates complain of the agency's perceived overreach. A handful of Democrats, including Reps. Jim Himes and Ritchie Torres, joined committee Republicans in voting for the bill. The House Agriculture Committee is scheduled to consider the same bill Thursday. "As other jurisdictions like the UK, the [European Union], Singapore and Australia have moved forward with clear regulatory frameworks for digital assets, the United States is at risk of falling behind. We intend to change that today," said Representative Patrick McHenry, the Republican chair of the House Financial Services Committee, at the markup.

It only passed a commitéé in the House.

[phayes]

It'd be interesting to know it this has a snowball's chance of passing in the Senate because until it does it's meaningless (which, coming from the Crypto industry is pretty much par for the course).

Re: It only passed a commitéé in the Hou

[Annaclark11]

If it's too good to be true, it's probably not real. I was tricked by the many profits promises that I forgot to think of its actual possibility. It was a terrible time for me and my family but I am grateful the universe gave me another chance. I was introduced to Fred to file for recovery. I got in touch with Freddictine At consultant com) and reported my experience. Their processes are seamless and effective. Every victim of such scams can get a solution

Re:

[Thoth Ptolemy]

I think it's because right now the SEC is handling the regulation and suing crypto CEXes. The GQP probably wants a new regulatory framework that actually has less regulation with the goal of getting in on rug pulls early.

Missing data

[ElizabethGreene]

I think it's this bill:
H.R. 4763, the Financial Innovation and Technology for the 21st Century Act [house.gov] but none of the reporting is specific on that.

Here is the press release [house.gov] for all the legislation they pushed out of that committee yesterday. There's also some stuff about blockchain in another bill.