US Congressional Committee Passes Crypto Regulatory Bill
Crypto achieves a major milestone as the US congressional committee approves bipartisan bill for crypto regulation, signalling industry's progress
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In a landmark development, the US congressional committee has passed a bipartisan bill to create a regulatory framework for cryptos, marking a significant step forward for the crypto industry.
The bill aims to clarify whether cryptos should be considered securities or commodities, and it seeks to expand the Commodity Futures Trading Commission's (CFTC) oversight while addressing concerns about the Securities and Exchange Commission's (SEC) perceived overreach.
The House Financial Services Committee approved the bill with the support of some Democrats- including representatives Jim Himes and Ritchie Torres, who joined committee Republicans in voting for the measure- demonstrating potential bipartisan backing. The House Agriculture Committee is also scheduled to consider the bill.
Representative Patrick McHenry, the Republican chair of the House Financial Services Committee, stressed the urgency of establishing clear regulatory frameworks for digital assets to avoid falling behind other countries that have already made progress in this area.
This is the first time a crypto regulatory bill has been put to a vote in Congress, representing a significant achievement for crypto advocates who have long sought regulatory clarity. However, the bill faces opposition from some Democrats, including Representative Maxine Waters, who believes it may lead to confusion and provide fewer protections for consumers and investors than current regulations.
