House Financial Services Committee Chairman Patrick McHenry unveils comprehensive plan for digital asset regulation, including legislations on cryptocurrencies and stablecoins.
Key Points
- House Financial Services Committee Chairman Patrick McHenry unveils plan for digital asset regulation through a July 26 markup session.
- Proposals include Financial Innovation and Technology for the 21st Century Act, Clarity for Payment Stablecoins Act, and Blockchain Regulatory Certainty Act.
- Focus on stablecoin payments clarity, suitable framework for digital assets, and exemption for blockchain developers.
- Aims to protect investors, foster innovation, and implement consumer protections in the evolving digital asset landscape.
Chairman Patrick McHenry of the House Financial Services Committee has unveiled a comprehensive plan to address regulatory concerns in the digital asset ecosystem. The plan includes a markup session to discuss essential legislations related to cryptocurrencies, blockchain development, and stablecoin payments.
#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
About the Markup Session
The Committee on Financial Services is scheduled to convene on July 26 for the markup session. The session will cover several proposed legislations that will shape the future of the digital asset landscape. Among the proposals up for discussion are the Financial Innovation and Technology for the 21st Century Act, the Clarity for Payment Stablecoins Act of 2023, the Blockchain Regulatory Certainty Act, and other significant proposals.
One of Chairman McHenry’s main focuses during the markup session is regulatory clarity for stablecoin payments. This proposal aims to establish clear guidelines for the issuance of stablecoins as payment methods, ensuring transparency and reliability in the market.
Additionally, the memorandum released on July 21 outlines the objectives of the Financial Innovation and Technology for the 21st Century Act. This legislation aims to create a suitable framework for the digital asset market, tailored to accommodate the unique features of these assets. The goal is to provide a solid foundation for industry growth while protecting the interests of stakeholders.
Another legislation, the Blockchain Regulatory Certainty Act (H.R. 1747), focuses on exempting blockchain developers from obtaining licenses, as long as they do not engage in cryptocurrency-related activities. This exemption aims to foster innovation and remove unnecessary regulatory obstacles that could hinder technological progress.
Signing Off!
The announcement of the markup session closely follows the introduction of the Financial Innovation and Technology for the 21st Century Act, highlighting the importance of an effective regulatory framework in protecting investors from financial fraud. Chairman McHenry and U.S. Representative French Hill emphasize that the proposed legislations not only address concerns like potential misappropriation of customer funds by FTX but also aim to implement robust consumer protections and clear rules for all market participants.
Chairman McHenry’s comprehensive plan for the markup of essential legislations demonstrates a commitment to addressing regulatory concerns within the digital asset ecosystem. The proposed legislations aim to provide regulatory clarity, foster innovation, and protect investors in the evolving digital asset landscape.
