US FSC Chairman eyes regulatory clarity for crypto, stablecoin ecosystems

The Chairman of the House Financial Services Committee (FSC), Patrick McHenry, announced a markup of a fewer legislations, 3 aimed astatine providing regulatory clarity for the integer plus ecosystem — cryptocurrencies, blockchain improvement and stablecoin payments.

The Committee connected Financial Services volition conscionable connected July 26 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 and H.R. 1747, the Blockchain Regulatory Certainty Act among others.

Out of the lot, the markup connected clarity for stablecoin payments was introduced by McHenry, which aims to bring regulatory clarity for the issuance stablecoins that are designed to beryllium utilized arsenic a means of payment.

A snippet of FCA's docket connected crypto regulatory clarity for July 26. Source: house.gov

As stated successful the memorandum issued connected July 21, H.R. 4763 establishes a integer plus marketplace operation model due for the unsocial characteristics of integer assets. H.R. 1747 prevents the request for blockchain developers to get licenses arsenic agelong arsenic they don’t woody successful cryptocurrencies.

The day for the markup were announced a time aft the introduction of the Financial Innovation and Technology for the 21st Century Act. U.S. Representative French Hill, who serves arsenic the Chairman of the Subcommittee connected Digital Assets, said that establishing a functional regulatory model protects investors from fiscal fraud.

“This authorities would not lone person prevented FTX from stealing billions of lawsuit funds, but besides establishes robust user protections and wide rules of the roadworthy for marketplace participants,” helium added.

Related: UK FCA shuts down 26 crypto ATMs pursuing coordinated investigation

The United States Department of Justice (DoJ) decided to treble the headcount of its crypto transgression team.

Two DoJ teams — the Computer Crime and Intellectual Property Section (CCIPS) and the National Cryptocurrency Enforcement Team (NCET) — volition merge to make a larger operation with caller further resources.

The fig of transgression part attorneys disposable to enactment connected transgression cryptocurrency matters volition “more than double,” arsenic immoderate CCIPS lawyer could perchance beryllium assigned to enactment an NCET case.

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