The Chairman of the House Financial Services Committee (FSC), Patrick McHenry, recently disclosed plans for the markup of several legislations, three of which are intended to address regulatory matters within the digital asset ecosystem. These legislations pertain to cryptocurrencies, blockchain development, and stablecoin payments.
The Committee on Financial Services is scheduled to convene on July 26 for the markup session, during which they will discuss 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 other proposals.
Chairman McHenry specifically introduced the markup concerning regulatory clarity for stablecoin payments. The objective of this proposal is to establish clear guidelines for the issuance of stablecoins intended for use as payment methods.
The Memorandum Aims to Create a Suitable Digital Asset Market Framework
According to the memorandum released on July 21, H.R. 4763 aims to create a suitable framework for the digital asset market, tailored to accommodate the distinctive features of digital assets. On the other hand, H.R. 1747 seeks to exempt blockchain developers from obtaining licenses, as long as they do not engage in cryptocurrency-related activities.
The announcement of the markup date came one 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, emphasized that the establishment of an effective regulatory framework is crucial to safeguarding investors from financial fraud.
He further highlighted that the proposed legislation would not only have addressed the issue of FTX potentially misappropriating billions of customer funds but would also put in place robust consumer protections and clear rules for market participants.
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