U.S. House Committee Advances Legislation for Crypto Market Regulations
The U.S. House Financial Services Committee is advancing legislation to establish regulatory frameworks for the crypto market, as part of a broader agenda initiated by former President Trump's administration. Key developments include:
- Representative Bryan Steil highlighted progress on stablecoin legislation, which has passed through committees in both the House and Senate.
- A recent hearing focused on creating a bill that will define the structure of U.S. crypto markets.
- Representative French Hill indicated plans to release an updated version of the Financial Innovation and Technology for the 21st Century Act (FIT21), previously passed by the House but stalled in the Senate.
- The committee is consulting with various stakeholders to refine the proposed market structure legislation.
- Democrats raised concerns over potential conflicts of interest related to Trump’s involvement in the crypto industry.
- Lawmakers discussed the roles of the SEC and CFTC concerning crypto regulation, addressing ongoing legal ambiguities regarding the classification of digital assets.
- Industry representatives emphasized the need for clearer regulatory definitions, particularly for transactions on secondary markets.