US House of Representatives Approves Three Significant Cryptocurrency Bills Before Summer Break

In a noteworthy development for the regulation of digital assets, the US House of Representatives has given the green light to three crucial pieces of legislation concerning cryptocurrencies, just before the August recess. These bills are designed to clarify the legal framework surrounding cryptocurrencies, safeguard investors, and encourage innovation within the digital asset space. The package includes the “Financial Innovation and Technology for the 21st Century Act”, which aims to delineate the roles and responsibilities of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in overseeing digital assets. Furthermore, the “Clarity for Digital Assets Act of 2023” has been approved, offering a precise definition of digital securities and digital commodities, thereby assisting companies in understanding the rules governing their operations. Lastly, the “Blockchain Regulatory Certainty Act” has been passed, instructing the Federal Trade Commission to conduct a study on the use of blockchain technology and its potential effects on consumer protection. These actions demonstrate Congress’s dedication to developing a comprehensive regulatory framework for digital assets, offering clarity and confidence to both investors and businesses.