Last July, the House Financial Services Committee approved two major pieces of legislation aimed at creating a regulatory framework for the cryptocurrency industry, the Financial Innovation and Technology for the 21st Century Act and the Clarity for Payment Stablecoins Act. Neither came up for House votes that year, but committee Chair Congressman Patrick McHenry said at a Bitcoin summit last week that he hopes they can be passed by the House and Senate before the 2024 elections.

I’m no political analyst, but I have some projects that would benefit from the legal clarity in the legislation. (Disclosure: I am an active crypto investor and have venture capital investments and advisory relations with companies in the space). Currently, various institutions are making their own determinations including the Internal Revenue Service, the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Federal Reserve and the courts. Some of those conflict, and others make life difficult for people working in crypto. Many would welcome clear guidelines from Congress, with specific assignments to various agencies to refine and interpret the different individual issues.

QOSHE - Crypto Can Turn Pro With a Little Help From Congress - Aaron Brown
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Crypto Can Turn Pro With a Little Help From Congress

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16.04.2024

Last July, the House Financial Services Committee approved two major pieces of legislation aimed at creating a regulatory framework for the cryptocurrency industry, the Financial Innovation and Technology for the 21st Century Act and the Clarity for Payment Stablecoins Act. Neither came up for House........

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