In a historic amendment session held by the Financial Services Committee in the United States House of Representatives on Wednesday, a set of bills related to cryptocurrencies was introduced. Despite the evident impact of the repercussions from the FTX cryptocurrency exchange on the members of the committee during their work on refining the details of those bills, the majority of the members ultimately voted in favor of two bills: H.R. 4763, the “Financial Innovation and Technology Act of the 21st Century,” and H.R. 1747, the “Blockchain Regulatory Clarity Act.” After a lengthy amendment session that lasted all day, both bills were referred to the entire House of Representatives for voting.
Details of these legislative bills and their key aspects are as follows:
Financial Innovation and Technology Act of the 21st Century (H.R. 4763): This legislative bill aims to provide a unified legal framework for cryptocurrencies and address blockchain-related issues. Given the increasing use of financial technology and cryptocurrencies, it is crucial to appropriately regulate this sector to protect investors and consumers.
One of the contentious points in this bill is the granting of expanded powers to the U.S. Commodity Futures Trading Commission (CFTC). Many committee members, from both the Republican and Democratic parties, objected to a provision in this legislative bill that grants additional authority to the Commission. They expressed concerns that this provision might weaken consumer protections guaranteed by U.S. securities laws dating back decades.
Blockchain Regulatory Clarity Act (H.R. 1747): This legislative bill aims to establish a clear regulatory environment for blockchain and distributed ledger technology. By defining the legal framework, this law aims to enhance trust in the use of technology and encourage innovative development.
It can be said that it is important to vote on these legislative bills to provide a suitable legal environment for cryptocurrencies and blockchain in the United States. Despite the controversies surrounding some provisions of these bills, the significant importance of financial technology and innovation in the 21st century makes it necessary to reach a consensus and proper regulation for this sector to protect investors, consumers, and promote economic growth.