It was a big week for cryptocurrency on Capitol Hill, with the House moving forward with a couple major pieces of legislation and a bipartisan caste of senators planning an even more aggressive bill.
The latest legislative blitz comes as lawmakers hope to put more guardrails up for the cryptocurrency industry, especially amid the fallout from the sudden collapse of cryptocurrency giant FTX late last year. The bills in question would overhaul crypto regulation, set up a regulatory framework for stablecoins, and clamp down on the use of digital assets for money laundering.
The legislation would also require both the SEC and CFTC to engage in joint rulemaking and require studies on matters such as nonfungible tokens and decentralized finance “I think we need to be very careful in any legislation that grants blanket powers over cryptocurrency to the SEC, to the CFTC, or to any new agency,” he said.
The Clarity for Payment Stablecoins Act passed 34-16 out of the committee, with Himes, Gottheimer, Torres, Nickel, and Rep. Gregory Meeks joining the Republicans on the committee. The legislation would set up a federal regulatory structure while still assigning a role to individual states. The legislation applies to payment stablecoins and would define what assets can be used to back stablecoins .
The bill would force know-your-customer rules onto participants in the cryptocurrency space, such as wallet providers and crypto miners.
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