The Chairman of the House Financial Services Committee (FSC) in the US, Representative Patrick McHenry, announced the markup of legislation for regulatory clarity in the digital asset ecosystem.
In an upcoming FSC meeting on July 26, they will discuss and markup three important pieces of legislation acts related to digital assets.
The Financial Innovation and Technology for the 21st Century Act (H.R. 4763) aims to establish a digital asset market structure framework that suits the unique characteristics of digital assets.
The Clarity for Payment Stablecoins Act of 2023 (H.R. 4766), introduced by McHenry, seeks to provide clear regulations for stablecoins used for payments.
The Blockchain Regulatory Certainty Act (H.R. 1747) intends to exempt blockchain developers from obtaining licenses, as long as they are not dealing with cryptocurrencies.
On another front, the US Department of Justice (DoJ) plans to expand its crypto crime team. The Computer Crime and Intellectual Property Section (CCIPS) and the National Cryptocurrency Enforcement Team (NCET) will merge, resulting in more resources and doubling the number of attorneys working on criminal cryptocurrency cases.
These developments signify a growing interest in providing regulatory clarity and addressing the challenges in the digital asset ecosystem, as the crypto space continues to evolve and gain prominence in the financial world.
Also Read: U.S. Senate Proposes CANSEE Act for DeFi Regulation
