House Financial Services Committee Advances Crypto, Blockchain Bills

The US House Financial Services Committee has approved several bills related to cryptocurrency and blockchain technology in a 35-15 vote, marking the first time that crypto-specific bills were advanced on their own merits and not as part of broader legislation.

The first bill, the Financial Innovation Technology for the 21st Century Act, would create a federal regulatory framework for crypto in the U.S. The bill would establish a new agency, the Financial Technology Oversight Council, to oversee the crypto industry.

The second bill, the Digital Asset Market Structure and Investor Protection Act, would create a new regulatory framework for digital asset exchanges. The bill would require exchanges to register with the Securities and Exchange Commission and to comply with certain anti-money laundering and investor protection rules.

The third bill, the Blockchain Promotion Act of 2022, would promote the development of blockchain technology in the U.S. The bill would provide tax credits for businesses that use blockchain technology and would create a new research and development program at the National Science Foundation.

The approval of these bills is seen as a positive development for the cryptocurrency industry, as it provides much-needed regulatory clarity and could help to spur innovation and growth in the sector. However, some critics have raised concerns about the potential impact of the bills on consumer protection and financial stability.

The approval of these bills by the House Financial Services Committee is a significant step forward for the cryptocurrency industry, and could pave the way for further regulatory clarity and innovation in the sector.