Since 2022, there have been at least 50 digital asset bills reportedly introduced to Congress, aiming to govern everything from stablecoins to the jurisdictions of United States regulators.
However, at least four of them are seen as potentially having a major impact on the industry (if passed) — given the attention from lawmakers and the crypto industry alike.
Financial Innovation and Technology for the 21st Century Act
This bill introduced on July 20, aims to create a solid process for determining if a digital asset is a commodity or security and would clarify the jurisdictions of regulators.
Introduced by Republican members of the Agriculture and Financial Services Committees of the United States House, the bill would give the Commodity Futures Trading Commission (CFTC) power over digital commodities and clarity on the Securities and Exchange Commission’s (SEC) jurisdiction.
Introducing the Financial Innovation and Technology for the 21st Century Act. This bill establishes a regulatory framework for digital assets, protects consumers, fosters innovation, and positions America as a leader in finance and technology. #crypto https://t.co/0ihzY3MP0k
— House Committee on Agriculture (@HouseAgGOP) July 20, 2023
A process for crypto assets that have been labeled securities would also be given a path to be re-labeled as commodities — which could see some projects revived after being effectively shut down due to past legal decisions.
Responsible Financial Innovation Act (RFIA)
A bill with similar goals — known as the Lummis-Gillibrand bill or the RFIA — aims to clarify the SEC and CFTC’s roles in crypto regulation. It also aims to give greater consumer protection by providing laws “to prevent another FTX-style event from occurring,” according to the bills fact sheet.
The crypto asset industry is here to stay.
Today, @SenGillibrand and I are reintroducing landmark legislation to create a federal regulatory framework that allows crypto businesses and investors to prosper here in America while protecting consumers from bad actors. pic.twitter.com/z2pr0evWt2
— Senator Cynthia Lummis (@SenLummis) July 12, 2023
Digital asset tax treatment clarity is also covered and the Federal Reserve would be ordered to process bank applications for master accounts from crypto firms “on an equitable basis.”
It would also see depository institutions be the only ones allowed to issue stablecoins, would make room for decentralized autonomous organizations (DAOs)…
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