- The US advances crypto bill advances leading to possible clear regulatory framework.
- Bipartisan vote would need first congressional approval.
- While the bill may face Senate challenges, it is still a huge leap for the crypto industry.
Crypto bill passes a key congressional committee, paving the way for regulatory framework development in the industry. The bill clarifies the classification of cryptocurrencies as securities or commodities and expands CFTC oversight while addressing SEC jurisdiction concerns.
A bipartisan vote in favor of the bill marks the first time a crypto regulatory bill is advanced in Congress. This moves gives hope to the crypto industry for increased regulatory clarity. Despite Democratic support, some members, including Representative Maxine Waters, oppose the bill, claiming it creates confusion and offers fewer protections for consumers and investors.
As we can see from the post above, the crypto community sees this as excellent news as more clarity is what many have been waiting for. To highlight, the post says there will be much to look forward to.
This opens the door for discussions on how to regulate the crypto sector. Thus, the bill may face challenges in the Senate, where Sherrod Brown, head of the Senate Banking Committee, is uncertain about the need for additional crypto regulation.
Cryptocurrency companies have been operating in a regulatory gray area, but the SEC has been asserting its authority, considering most cryptocurrencies as securities subject to investor protection rules.
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Lawmakers are also to consider another bill that would have the Federal Reserve issue stablecoin requirements while preserving state regulators’ authority. Modifications were made to address concerns about oversight evasion.
Other responses to similar posts show that the crypto community sees this move as a big deal. Perhaps even more of a bigger deal than the XRP vs SEC case. Overall, the future looks brighter for the crypto space. While negotiations are ongoing, the development of a federal stablecoin regime remains uncertain, as state frameworks already exist.
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