Congress is set to vote on bills concerning crypto regulatory jurisdiction, stablecoins, and the right to self custody.
The House Financial Services Committee approved a slew of proposals related to digital asset regulation last month, of which any could be the first piece of crypto-specific legislation signed into U.S. federal law.
Though many Democrats considered the bill to be friendly to the industry, others believed it was a major step up from the status quo, and would help “create clarity where none exists.”the Clarity for Payment Stablecoins Act of 2023, which would create clear rules around stablecoin issuance, and detail what authorities the Federal Reserve has over the sector.
This would theoretically correct problems within President Biden’s 2021 Infrastructure bill, which would place untenable transaction reporting requirements on “digital asset broker” – a term that could include, miners, nodes, and validators.
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