1 year ago
The House Finance Committee has announced different proceeding connected cryptocurrency regularisation arsenic request for legislature enactment connected the virulent manufacture intensifies.
Held by the Digital Assets, Financial Technology and Inclusion Subcommittee and Entitled “Digital Dollar Dilemma: The Implications of a Central Bank Digital Currency and Private Sector Alternatives,” the hearing volition instrumentality spot astatine 2:00 PM ET connected Thursday, September 14, 2023.
The twelvemonth 2023 has witnessed a flurry of enactment from national agencies and lawmakers seeking to navigate the rapidly evolving scenery of integer assets. The urgency to instrumentality a cohesive legislative model has arguably reached a tipping point, spurred by marketplace volatility, capitalist extortion concerns, and the planetary contention to specify standards for integer currencies.
Congressional pressure
The cryptocurrency manufacture has seen accrued attraction from Capitol Hill this year, with lawmakers connected some sides feeling unit to act.
Leading the charge, Democratic Senator Elizabeth Warren reintroduced the Digital Asset Anti-Money Laundering Act successful precocious July, earning the unexpected backing of Wall Street banks. Aimed astatine reducing the nationalist information risks posed by cryptocurrencies, the authorities would clasp crypto businesses to the aforesaid standards and requirements arsenic accepted banks. In a property release, Warren voiced concerns astir cryptocurrencies becoming the preferred transaction method among cybercriminals, labeling her measure arsenic the “toughest connection connected the array to ace down connected crypto crime.”
The bill, which archetypal appeared successful December 2022, is multifaceted. It mandates the likes of crypto wallet providers, miners, and validators to abide by the Bank Secrecy Act, pushing for know-your-customer requirements. The projected authorities besides tasks the Treasury Department, SEC, and CFTC with establishing reappraisal processes for crypto businesses, and it directs FinCEN to adjacent regulatory gaps, peculiarly those surrounding self-custody wallets.
Warren is not the lone dependable successful Congress calling for regulatory clarity. Just 2 days earlier Warren’s announcement, the House Financial Services Committee precocious a acceptable of seven crypto-related bills. This Republican-led initiative, which included legislative efforts from Chairman Patrick McHenry, Rep. Warren Davidson, and Rep. Bill Huizenga, addresses assorted facets of integer plus regulation, from stablecoins to SEC disclosures.
However, the broad bundle hasn’t been escaped from criticism. Democratic Representative Maxine Waters pointedly noted that the measure appeared to cater much to the crypto industry’s interests alternatively than the broader nationalist oregon the views of different regulatory bodies.
In June, Waters besides sought feedback from the SEC and the Treasury Department connected the Digital Asset Market Structure Discussion Draft, a Republican-led legislative proposal. This bill, chiefly targeting the delineation of a cryptocurrency arsenic a commodity oregon security, besides acceptable retired to intelligibly demarcate regulatory responsibilities.
The station House Financial Services Committee announces ‘Digital Dollar’ proceeding arsenic unit to walk crypto authorities intensifies appeared archetypal connected CryptoSlate.
English (US) 