US FSC Chairman to Focus on Clarity of Regulation for Crypto and Stablecoin Ecosystems

The aim of the legislation in question is to build a safe and secure trading crypto market for consumers and participants.

US FSC Chairman to Focus on Clarity of Regulation for Crypto and Stablecoin Ecosystems

Patrick McHenry, the Chairman of the House Financial Services Committee (FCS) declared that several markups of legislation are in discussion. Three of these aim to provide regulatory clarity for the digital asset ecosystem, including cryptocurrencies, blockchain development, and stablecoin payment.

On 26 July, the Committee on Financial Services will hold a meeting to markup H.R. 4763 (the Financial Innovation and Technology for the 21st Century Act), H.R. 4766 (the Clarity for Payment Stablecoins Act of 2023), H.R. 1747 (the Blockchain Regulatory Certainty Act), and four other legislations.

In the memorandum released on July 21, H.R. 4763 establishes a framework for structuring a digital asset market that is appropriate for the unique characteristics of digital assets. As long as blockchain developers do not deal with cryptocurrencies, H.R. 1747 would not require them to acquire licenses. Moreover, the markup of H.R. 4766 proposed by McHenry, aims to bring regulatory transparency to stablecoins offerings intended to be used as payment.

The Chairman of the Subcommittee on Digital Assets, French Hill said:

”This legislation would not only have prevented FTX from stealing billions of customer funds, but also establishes robust consumer protections and clear rules of the road for market participants.”

All in all, this legislation is a big step forward in the ongoing research for regulatory clarity, ensuring the safeguarding of consumer interests in the digital asset ecosystem.

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