BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
FOLLOW
BlockNews
  • Crypto
  • Finance
  • Politics
  • Memecoins
  • NFT
  • Technology
  • Opinion
No Result
View All Result
BlockNews

House Republicans Champion Regulatory Clarity for Crypto with New Bill

by BlockNews Team
July 24, 2023
in Crypto, Finance, Politics
A A
House Republicans Champion Regulatory Clarity for Crypto with New Bill
1
SHARES
Share on TwitterShare on Reddit
  • Key Republican members of the U.S. House of Representatives have introduced a comprehensive bill aimed at providing a regulatory framework for the crypto market.
  • The bill outlines procedures for crypto firms to register with the SEC or the CFTC, with the latter gaining new powers to oversee certain token trading directly.
  • The bill requires bipartisan support, particularly in the Senate, to be enacted during this Congressional term.

Key Republican members of the U.S. House of Representatives have unveiled a comprehensive bill for oversight of the crypto market. The bill, known as the “Financial Innovation and Technology for the 21st Century Act,” comes in the aftermath of a court ruling involving Ripple Labs Inc., which has galvanized the debate on cryptocurrency regulations.

The proposal was launched by prominent figures including House Agriculture Committee Chairman Glenn Thompson of Pennsylvania, and Republican Reps. French Hill and Dusty Johnson. The latter two are the chairpersons of the digital assets subcommittees in the House Financial Services and House Ag panels, respectively. Other supporters include Financial Services Chair Patrick McHenry of North Carolina.

Bill Seeks to Establish Clear Framework for Crypto Oversight

The ambitious legislation, which was initially drafted in June, seeks to clarify when and how crypto firms should register with the Securities and Exchange Commission (SEC) or the Commodity Futures Trading Commission (CFTC). The CFTC would gain new powers to directly oversee trading in specific tokens under the proposed framework. The bill also offers a path for digital assets that start as securities to be later regulated as commodities. The determining factor here would largely hinge on whether the affiliated blockchain network is sufficiently decentralized.

Furthermore, the bill would give crypto firms the ability to file a notice of intent to register with the agencies. Compliance with requirements around safeguarding customer assets and transparency would protect these firms from enforcement actions related to registration or token listings. However, the regulators will retain the power to target companies for fraudulent or manipulative activities.

New Rules to Protect Consumers and Foster Innovation

Notably, the bill includes provisions that would require crypto firms registered with the SEC to implement and enforce written policies to mitigate conflicts of interest with affiliates. It also calls for a joint study by the SEC and CFTC to determine whether additional guidance or rules are needed to facilitate the development of tokenized securities and derivatives products.

In a statement, Rep. Thompson highlighted that the legislation signifies a critical milestone in the efforts of the House Committees on Agriculture and Financial Services to establish a much-needed regulatory framework. This structure aims to protect consumers and investors while promoting American leadership in the digital asset space.

The Challenges Ahead: Bipartisan Support and Regulatory Clarity

The proposal, while comprehensive, is still primarily a Republican-led initiative. It requires support from the Democrats, particularly in the Senate, to be enacted in this Congressional term. Notably, significant figures such as Maxine Waters, the top Democrat on the Financial Services Committee, have expressed concerns about the bill.

The SEC, for its part, has repeatedly argued that new rules aren’t necessary to define when a token falls under its purview. However, Republicans assert that the recent Ripple ruling demonstrates the need for clearer legislation, and they hope to persuade Democrats to back their cause.

Tags: Crypto BillCrypto RegulationUS
TweetShareShare

DON'T MISS THESE! HOT OFF THE PRESS

SHIB Price Slips Amidst 80% Burn Rate Drop: Is Hope Fading for Shiba Inu?
Crypto

SHIB Price Slips Amidst 80% Burn Rate Drop: Is Hope Fading for Shiba Inu?

May 21, 2025
Stellar (XLM) Faces a Pivotal Test: Upside if $0.28 Holds, Deeper Dips if Not
Crypto

Stellar (XLM) Faces a Pivotal Test: Upside if $0.28 Holds, Deeper Dips if Not

May 21, 2025
Tron’s Digital Payment Dominance Fuels TRX Price Momentum
Crypto

Tron’s Digital Payment Dominance Fuels TRX Price Momentum

May 21, 2025
Hedera (HBAR) Breaks Downtrend Channel: Smart Money Eyes Retest for Bullish Continuation
Crypto

Hedera (HBAR) Breaks Downtrend Channel: Smart Money Eyes Retest for Bullish Continuation

May 21, 2025
Sui (SUI) Eyes $23.77 by 2030: Long-Term Outlook Remains Bullish Despite Current Consolidation
Crypto

Sui (SUI) Eyes $23.77 by 2030: Long-Term Outlook Remains Bullish Despite Current Consolidation

May 21, 2025
Cardano (ADA) Eyes C-Wave Rally to $0.94, If Key Support Holds
Cardano

Cardano (ADA) Eyes C-Wave Rally to $0.94, If Key Support Holds

May 21, 2025
Load More

Related News

SHIB Price Slips Amidst 80% Burn Rate Drop: Is Hope Fading for Shiba Inu?

SHIB Price Slips Amidst 80% Burn Rate Drop: Is Hope Fading for Shiba Inu?

May 21, 2025
Stellar (XLM) Faces a Pivotal Test: Upside if $0.28 Holds, Deeper Dips if Not

Stellar (XLM) Faces a Pivotal Test: Upside if $0.28 Holds, Deeper Dips if Not

May 21, 2025
Tron’s Digital Payment Dominance Fuels TRX Price Momentum

Tron’s Digital Payment Dominance Fuels TRX Price Momentum

May 21, 2025
Hedera (HBAR) Breaks Downtrend Channel: Smart Money Eyes Retest for Bullish Continuation

Hedera (HBAR) Breaks Downtrend Channel: Smart Money Eyes Retest for Bullish Continuation

May 21, 2025
Sui (SUI) Eyes $23.77 by 2030: Long-Term Outlook Remains Bullish Despite Current Consolidation

Sui (SUI) Eyes $23.77 by 2030: Long-Term Outlook Remains Bullish Despite Current Consolidation

May 21, 2025
Discord Twitter Youtube TikTok Instagram

BLOCKNEWS.COM

BlockNews

BlockNews.com is your premier source for real-time cryptocurrency, blockchain, and financial market news.

Our mission is to deliver accurate, timely, and insightful information to help both seasoned investors and newcomers navigate the evolving digital economy.

With in-depth analysis, exclusive insights, and up-to-date news, BlockNews.com keeps you informed on the latest trends in crypto, DeFi, NFTs, tech, and beyond.

Stay ahead of the herd with BlockNews.com

RESOURCES

  • About
  • Contact Us
  • Terms and Conditions
  • Privacy Policy

POPULAR TOPICS

$ADA $XRP AI Avalanche Binance Bitcoin Bitcoin ETF blackrock Blockchain BTC Business Cardano China Coinbase Coinglass crypto cryptocurrency Crypto Exchange Crypto Regulation DeFi Dogecoin Donald Trump Elon Musk ETF eth ethereum Federal Reserve FTX grayscale Memecoin metaverse Microstrategy NFT NFTs PEPE ripple sec Shiba Inu Solana Stablecoin Technology twitter US Web3 xrp

GET QUICKER UPDATES ON X

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.

No Result
View All Result
  • Home
  • Crypto
  • Memecoins
  • Technology
  • Politics
  • Finance
  • NFT
  • DeFi
  • Opinion

© 2022-2025 BlockNews.com - Crypto and NFT news website by Aiur Labs.