US passes two laws to regulate cryptocurrencies
In July 2023, the Financial Services Committee of the U.S. House of Representatives passed two important laws aimed at regulating cryptocurrencies. These laws were approved with a majority vote and have a significant impact on the crypto industry.
The first of them, the Financial Innovation and Technology for the 21st Century Act, is designed to create clear rules for the registration of cryptocurrency firms with the relevant regulatory bodies. In particular, companies in this area will have to decide which commission - the Commodity Futures Trading Commission or the Securities and Exchange Commission - they will be registered with.
The second law, the Blockchain Regulation Act, is aimed at removing obstacles faced by blockchain developers and providers of mining services and DeFi (decentralized finance) platforms. This law outlines principles that should foster the growth of innovation in this area.
The cross-party support for both bills shows the significance of their passage. However, not all politicians supported another bill related to the structure of digital assets. Representative of the Democratic Party, Maxine Waters, expressed her opposition to this bill, believing that it is too focused on the crypto industry and ignores the SEC (Securities and Exchange Commission, The United States Securities and Exchange Commission) guidelines, which could adversely affect investors. Waters emphasized that the securities laws already in place have protected investor interests and promoted capital and innovation over the years.
Tom Emmer, a Republican congressman, expressed his support for the passage of the Blockchain Regulation Act. He explained that this law is concerned with defining blockchain-related organizations as a money sender in the United States.
Some bills related to the structure of digital assets did not win the approval of Republicans and Democrats. Democratic lawmaker Maxine Waters questioned one such bill for persistently focusing on crypto industry appeals and ignoring SEC recommendations . In her view, existing securities laws have already protected investor interests for nearly a century by promoting capital formation and supporting innovation.
At a time when global regulators are closely monitoring crypto activity, states are developing various bills, a businessman should be ready for any innovation. What should be done for this purpose?
- Contact the specialists of Intelligent Solution Group.
- Our lawyers and accountants will put your reporting and documentation in order according to international standards.
- If you are planning only crypto activities, we will study your goals, open a company in a selected jurisdiction, obtain a license, open bank accounts, pass all AML and compliance procedures.
Intelligent Solution Group - a safe space for money and assets.