The US House of Representatives has passed six bipartisan financial services bills, including H.R. 1602, which focuses on regulatory clarity for cryptocurrencies. The House of Rep presented the bill – Eliminate Barriers to Innovation Act – on the 20th of April.
Republican Leader Patrick McHenry commented on the bill, saying:
“[This bill] requires the Securities and Exchange Commission and the Commodity Futures Trading Commission to establish a working group focused on digital assets. This is the first step in opening up the dialogue between our regulators and market participants and move to needed clarity.”
The bill was introduced in March to state the specific rules of regulatory agencies like the SEC and Commodities Futures Trading Commission (CFTC) on crypto regulation in the US.
Additionally, the bill is also positioned to address the classification of digital assets as securities or commodities.
Now, Congress will have to create a working group regarding crypto regulations. Participants of the group will include members of the SEC, CFTC, and the private sector. Private sector participants will be selected across financial services, fintech, academia, small-scale enterprises, and medium-scale enterprises.
The group will focus on topics like crypto custody, cybersecurity, and so on.
After its creation, the working group will need to analyze and report the current situation of crypto regulatory within a year.
Image Credits: Pixabay
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