voted 279-136 to approve the long-awaited legislation, which now heads to the Senate, where it faces uncertain prospects. The Financial Innovation and Technology for the 21st Century Act, which is known asHouse Financial Services Committee Chairman Patrick McHenry was a co-sponsor of the bill and said FIT21 is the “culmination of years of bipartisan efforts to finally provide clarity.” He said it would undercut some of the regulatory uncertainty that has harmed the cryptocurrency world.
The legislation would give the CFTC regulatory authority over digital assets that have functional blockchains but are decentralized, meaning that no single individual or entity has “unilateral authority” to control the operation of or access to the blockchain. For instance, bitcoin, the most prevalent cryptocurrency, would fall under that umbrella.
Developers of digital assets and crypto must be required to provide accurate and relevant disclosures about ownership and structure. Additionally, entities like exchanges and brokers would be required to provide important disclosures to customers. Last week, the Crypto Council for Innovation led a letter to House Speaker Mike Johnson and House Minority Leader Hakeem Jeffries urging members of the House to rally behind the legislation. Nearly 60 groups, including developers, startups, and the biggest crypto firms, signed on to the correspondence.
If it becomes law, it will mark the most comprehensive regulatory framework for the crypto industry from Congress to date.
Law Law Latest News, Law Law Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: dcexaminer - 🏆 6. / 94 Read more »
Source: wjxt4 - 🏆 246. / 63 Read more »