The bill passed by the House Financial Services Committee would define when a cryptocurrency is a security or a commodity and expand the Commodity Futures Trading Commission s (CFTC) oversight of the crypto industry, while clarifying the Securities and Exchange Commission s jurisdiction, as many crypto advocates complain of the agency s perceived overreach.
Crypto bills to face congressional committee vote thefrontierpost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thefrontierpost.com Daily Mail and Mail on Sunday newspapers.
A key congressional committee is set to vote this week on several bills that would develop a regulatory framework for cryptocurrencies, a milestone for Capitol Hill in its efforts to codify federal oversight for the digital asset industry. Among the legislation the House Financial Services Committee is scheduled to consider are a bill that would define when a cryptocurrency is a security or a commodity and another that would establish a regime to oversee stablecoins - digital tokens typically backed by traditional assets like the U.S. dollar. The markups - where legislation is debated and brought to a vote, paving the way for a full vote by the House of Representatives - are the first time crypto regulatory bills will be put to a vote in Congress, a victory for crypto lobbyists that have pushed lawmakers to provide regulatory clarity for the industry.
The crypto industry has been in the regulatory crosshairs since investors were burned last year by sudden collapses of Celsius Network, Voyager Digital, FTX and other companies.