The US House Financial Services Committee will markup multiple bills to regulate crypto assets in the country, coinciding with the Federal Reserve’s decision to hike rates by 25 bps.
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Following Judge Analisa Torres’ landmark ruling in the Ripple vs. SEC lawsuit, declaring XRP as not a security, the crypto community is gearing up for another significant day as the US House Financial Services Committee votes on several bills to regulate digital assets.
This move is seen as another triumph for the crypto industry, which has been advocating for regulatory clarity from lawmakers.
The US House Financial Services Committee will markup three bills related to digital assets: H.R. 4763, the “Financial Innovation and Technology for the 21st Century Act”; H.R. 1747, the “Blockchain Regulatory Certainty Act”; and H.R. 2969, the “Financial Technology Protection Act of 2023.”
Bills Seek Crypto Classification and Regulatory Framework in the US
The proposed bills aim to determine if a crypto is a security or a commodity, establish stablecoin regulations, and clarify jurisdiction and oversight of the US SEC and CFTC. Following a full House of Representatives vote, they will proceed to the Democrats-led Senate for approval, paving the way for a regulatory framework for cryptocurrencies in the US.
Following Ripple’s partial victory against the US SEC, the upcoming regulatory framework in the US is seen as a significant legislative moment for the crypto industry. According to Kristin Smith, CEO of the Blockchain Association, this momentous event surpasses previous court decisions in importance.
John Deaton, a pro-XRP lawyer, advocates that both Republicans and Democrats should prioritize crypto regulations to safeguard customers, users, and digital asset holders. He emphasizes that the focus of the SEC and CFTC should be on tackling fraud, manipulation, pump and dumps, rather than enforcing regulations.
We were on the Hill all day today speaking to key stakeholders on what’s most important to keep in these bills for the industry.
— The Digital Chamber (@DigitalChamber) July 25, 2023
Revised Crypto Bill Aims to Protect, Innovate, and Lead
US House Republicans have introduced a revised crypto bill, aiming to regulate digital assets, protect consumers, foster innovation, and position the US as a global leader in finance and technology. The bill highlights modifications made by both Democrats and Republicans to address the evolving landscape of cryptocurrencies.
FOMC to Decide on Interest Rates
The US Federal Reserve is anticipated to raise interest rates by another 25 bps during the FOMC meeting today. JPMorgan’s trading desk predicts a “hike and pause” outcome as the likely result of the meeting.
Michael van de Poppe, Rekt Capital, and Crypto Tony, among other popular analysts, predict that Bitcoin’s price may experience upside momentum following the Fed rate hike.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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