The United States House Financial Services Committee made significant progress in regulating the cryptocurrency industry as they approved a set of groundbreaking bills with bipartisan support. The committee’s dedication over fifteen months of collaboration culminated in the passing of seven financial bills, two of which focus on stablecoin regulation and digital asset custody.
On July 28, 2023, the House Financial Services Committee approved two more bills, the Payment Stablecoins Act of 2023 (H.R. 4766) and the Keep Your Coins Act of 2023 (H.R. 4841), along with five other financial bills, including the “Guiding Uniform and Responsibility Disclosure Requirements and Information Limit (GUARDRAIL) Act of 2023,” “Protecting American Retirement Savings from Policies Act,” “The American Financial Institutions Regulator Sovereignty and Transparency Act,” “Businesses Over Activists Act,” and “Small Business Lending Under the Equal Credit Opportunity Act (Regulation B).”
The primary aim of these bills is to provide clear regulation on the issuance of stablecoin payments and ensure that crypto users are permitted to maintain custody of their digital assets in self-custodial wallets.
Previously, on July 26, 2023, a report by Todayq News, the United States House Financial Services Committee approved two bills for the crypto industry: The Financial Innovation and Technology for the 21st Century Act (H.R. 4763), which helps crypto firms choose their regulatory body, and the Blockchain Regulatory Certainty Act (H.R. 1747), which addresses jurisdictional differences. These bills also aim to regulate crypto firms by mandating registration with regulators and establishing guidelines for miners and decentralized finance (DeFi) platforms.
This bill strengthens the US financial sector’s competitiveness and benefits consumers and businesses. It upholds high regulatory standards to preserve the country’s role as a leading global financial hub. And also aims to safeguard people nationwide while interacting with financial services, representing a crucial stride toward the government’s vision of a modern, inclusive, technologically advanced, and eco-friendly financial industry that caters to the needs of all Americans and their communities.
Previously, Countries such as the UK, South Korea, Singapore, and Australia have already implemented well-defined regulations for digital assets. Now with the passing of these bills, the United States has taken a significant stride forward in striking a balance between promoting innovation and safeguarding consumers in the rapidly evolving cryptocurrency landscape.