On 26 July, a US House Committee confirmed a bipartisan bill to ensure regulatory clarity for cryptocurrencies and six pieces of legislation have been passed. The House Financial Services Committee voted 35-15 to approve a Republican-led bill supported by several Democrats including Jim Himes of Connecticut and Ritchie Torres of New York.
One of the bipartisan bills creates a comprehensive regulatory framework for the issuance, H.R.4763, named the Financial Innovation and Technology for the 21st Century Act sponsored by French Hill. This legislation would provide clarity on crypto digital assets and establish clearer rules on crypto firms at the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission(SEC).
The committee’s chair, Patrick McHenry admired and emphasized the importance of the legislation:
“Our comprehensive digital asset market structure legislation recognizes a key issue: digital assets that are not inherently securities may be offered as part of an investment contract but that does not make them securities.”
In addition, the bill would expand regulation of the crypto industry from CFTC and define whether the cryptocurrency is a security or a commodity.