US House Financial Services Committee passes bill for clear crypto regulation

July 27, 2023 02:32 PM AEST | By Invezz

US House Financial Services Committee passes bill for clear crypto regulation — Image source: Invezz

Win for the US crypto market

While nations like the EU, Australia, and Singapore adopt clear market rules, the United States eyes an inclusive regulatory model for digital currencies to stay at par.

Meanwhile, the one-of-a-kind vote by the House of Representatives represents a massive win for crypto activists that have persuaded lawmakers to provide clear crypto regulations. It is the first time Congress decided on regulatory bills for the crypto market.

Securities clarity

The SEC has showcased its dominance over the crypto space, stating that most cryptocurrency firms sell digital assets as securities and are thus subject to customer protection rules.

The regulator amplified its effort by suing Coinbase and Binance for failure to register some cryptocurrencies. The leading cryptocurrency exchanges have denied these allegations.

The securities watchdog faced massive criticism following the lawsuits, with the community pushing Congress to provide laws clarifying crypto as a commodity or security.

The cryptocurrency sector has seen increased regulatory scrutiny since last year’s sudden debacle of leading digital asset companies, including FTX, Voyager Digital, and Celsius Network.

Regulatory advisor Frank Gilligan explained how crypto firms could comply with SEC laws during an interview with invezz.com

The post US House Financial Services Committee passes bill for clear crypto regulation appeared first on Invezz.

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