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The bill will clarify the roles of regulatory agencies like the Commodity Futures Trading Commission (CFTC) and the US Securities and Exchange Commission (SEC) in managing crypto in the US.
The US House of Representatives has passed a bill to address crypto regulations in the country. The House passed H.R. 1602 tagged the Eliminate Barriers to Innovation Act- on the 20th of April. US Congressman Patrick McHenry introduced the bill. McHenry has been representing the US North Carolina’s 10th Congressional district since 2015.
US Bill to Clarify Crypto Regulations
The bill is positioned to clarify regulatory regulations across the US. It seeks to provide an answer to the long-asked question of whether cryptocurrencies are commodities or securities.
Speaking during the passage of the bill, republican leader McHenry said:
“[This bill] requires the Securities and Exchange Commission and the Commodity Futures Trading Commission to establish a working group focused on digital assets. This is the first step in opening up the dialogue between our regulators and market participants and move to needed clarity.”
Also, the bill will clarify the roles of regulatory agencies like the Commodity Futures Trading Commission (CFTC) and the US Securities and Exchange Commission (SEC). The bill will state the roles of these agencies in managing crypto in the US.
Apart from the SEC and the CFTC as participants in the working group, the group will also consist of members from the pirate sector. Members from the private sector will come from academia, growing enterprises, including fintech and financial services companies.
As stated in the bull, the working group must be established by Congress within 90 days. Upon constitution, the working group will be given a year to analyze and submit a report on the current situation of crypto regulatory in the US. The group will focus on crypto-related topics like custody, private key management, investor protection, and cybersecurity.
The issue of regulatory clarity for crypto has been a topic of discussion in the US. The lack of regulations for digital assets is a major concern for investors in the country. As a result, some notable figures in the industry have stated that the US may suffer in the emerging digital economy.
Other Bills by House of Rep
Apart from the H.R. 1602, the House of Representatives passed five other bipartisan financial services bills. According to the press release by the Republicans, the other bills are H.R. 1528, H.R. 1395, H.R. 1532, H.R. 1565, H.R. 1491. The H.R. 1528 focuses on Promoting Transparent Standards for Corporate Insiders Act. The H.R. 1395 requires the Housing Financial Act of 2021. H.R. 1532 is based on the improving FHA Support for Small-Dollar Mortgages Act. Furthermore, the highlighted H.R.1565 bill focuses on the Senior Security Act of 2021. Finally is the H.R. 1491, which seeks to address the Fair Debt Collection Practices for Service Members Act.