The House Financial Services Committee has made significant progress in advancing two crucial crypto bills that were previously under consideration. These bills have important implications for the crypto industry in the United States.
The first bill, known as the Clarity for Payment Stablecoins Act, aims to establish a clear and comprehensive regulatory framework for payment stablecoins. This move is intended to bring stability and oversight to the issuance of stablecoins, ensuring their responsible use in the market.
The second bill, called the Keep Your Coins Act, is seen as a positive step towards safeguarding the rights of crypto users. It enshrines the right of individuals to retain custody of their digital assets in self-custodial wallets. This measure is designed to enhance the security and autonomy of crypto users, allowing them to have full control over their assets.
On July 28th, the committee successfully passed both of these bills, along with five other finance-related bills. This marks a significant milestone in the ongoing efforts to regulate and promote responsible crypto practices in the country.
Faryar Shirzad, the Chief Policy Officer of Coinbase, expressed his approval of these bills' passage, describing it as a "historic week" for crypto regulation.
It's worth noting that earlier negotiations on the Clarity for Payment Stablecoins Act faced obstacles, with disagreements between the White House and the committee over certain provisions in the legislation. However, despite these challenges, the bills have now been successfully advanced.
Furthermore, on July 26th, the committee also passed the Financial Innovation and Technology for the 21st Century Act and the Blockchain Regulatory Certainty Act. These bills respectively address registration requirements for crypto firms with regulators and establish guidelines for various crypto-related projects, including miners and decentralized finance (DeFi) platforms.
Additionally, on July 27th, the Financial Innovation and Technology for the 21st Century Act also received approval from the House Agriculture Committee, further solidifying its progress in the legislative process.
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