Huge shakeup for crypto in the U.S.

In a significant development for the U.S. cryptocurrency industry, the United States House Financial Services Committee has successfully passed two crypto regulatory bills. The bills, named the Financial Innovation and Technology for the 21st Century Act and the Blockchain Regulatory Certainty Act, were approved by a majority of U.S. lawmakers on July 26.

The bills, named the Financial Innovation and Technology for the 21st Century Act and the Blockchain Regulatory Certainty Act, were approved by a majority of U.S. lawmakers on July 26.

The Financial Innovation and Technology for the 21st Century Act, passing with a 35-15 vote, is set to establish clear rules for cryptocurrency firms regarding their registration requirements. It will provide guidance on when these firms should register either with the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC).

This certification would enable digital assets to be registered as digital commodities with the CFTC. Congressman French Hill, a Republican and Vice Chairman of the House Financial Services Committee, expressed pride in the bill’s passage, highlighting its bipartisan support and emphasis on robust consumer protections and fostering innovation in the United States.

The second bill, the Blockchain Regulatory Certainty Act, has bipartisan sponsorship by Congressman Tom Emmer and Congressman Darren Soto.

Its objective is to remove hurdles and requirements for various entities in the blockchain sector, including miners, multisignature service providers, and decentralized finance platforms.