US FSC Chairman eyes regulatory clarity for crypto, stablecoin ecosystems
The Chairman of the House Financial Services Committee (FSC), Patrick McHenry, announced a markup of a few legislations, three aimed at providing regulatory clarity for the digital asset ecosystem — cryptocurrencies, blockchain development and stablecoin payments.
The Committee on Financial Services will meet on July 26 to markup H.R. 4763, the Financial Innovation and Technology for the 21st Century Act, H.R. 4766, the Clarity for Payment Stablecoins Act of 2023 and H.R. 1747, the Blockchain Regulatory Certainty Act among others.
Out of the lot, the markup on clarity for stablecoin payments was introduced by McHenry, which aims to bring regulatory clarity for the issuance stablecoins that are designed to be used as a means of payment.
As stated in the memorandum issued on July 21, H.R. 4763 establishes a digital asset market structure framework appropriate for the unique characteristics of digital assets. H.R. 1747 prevents the need for blockchain developers to acquire licenses as long as they don’t deal in cryptocurrencies.
#NEW: Chairman @PatrickMcHenry announces a markup of legislation to provide clarity for the digital asset ecosystem and address national security concerns.
Read more https://t.co/kb2smj24Io
— Financial Services GOP (@FinancialCmte) July 22, 2023
The date for the markup were announced a day after the introduction of the Financial Innovation and Technology for the 21st Century Act. U.S. Representative French Hill, who serves as the Chairman of the Subcommittee on Digital Assets, said that establishing a functional regulatory framework protects investors from financial fraud.
“This legislation would not only have prevented FTX from stealing billions of customer funds, but also establishes robust consumer protections and clear rules of the road for market participants,” he added.
Related: UK FCA shuts down 26 crypto ATMs following coordinated investigation
The United States Department of Justice (DoJ) decided to double the headcount of its crypto crime team.
Two DoJ teams — the Computer Crime and Intellectual Property Section (CCIPS) and the National Cryptocurrency Enforcement Team (NCET) — will merge to create a larger structure with new additional resources.
The number of criminal division attorneys available to work on criminal cryptocurrency matters will “more than double,” as any CCIPS attorney could potentially be assigned to work an NCET case.
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