US FSC Chairman eyes regulatory clarity for crypto, stablecoin ecosystems

The Chairman of the House Financial Services Committee (FSC), Patrick McHenry, announced a markup of a couple of legislations, 3 aimed at providing regulatory clearness for the digital possession environment– cryptocurrencies, blockchain development and stablecoin payments.The Committee on Financial Services will fulfill on July 26 to markup H.R. 4763, the Financial Innovation and Technology for the 21st Century Act, H.R. 4766, the Clarity for Payment Stablecoins Act of 2023 and H.R. 1747, the Blockchain Regulatory Certainty Act amongst others. Out of the lot, the markup on clarity for stablecoin payments was introduced by McHenry, which intends to bring regulatory clearness for the issuance stablecoins that are developed to be utilized as a method of payment.A snippet of FCAs program on crypto regulative clarity for July 26.

The date for the markup were announced a day after the intro of the Financial Innovation and Technology for the 21st Century Act. U.S. Representative French Hill, who works as the Chairman of the Subcommittee on Digital Assets, said that establishing a functional regulatory framework safeguards financiers from financial fraud.” This legislation would not only have actually avoided FTX from taking billions of customer funds, but also develops robust customer protections and clear guidelines of the roadway for market participants,” he added.Related: UK FCA closes down 26 crypto ATMs following coordinated investigationThe United States Department of Justice (DoJ) decided to double the headcount of its crypto crime team.Two DoJ teams– the Computer Crime and Intellectual Property Section (CCIPS) and the National Cryptocurrency Enforcement Team (NCET)– will combine to create a larger structure with brand-new additional resources.The variety of criminal department attorneys available to work on criminal cryptocurrency matters will “more than double,” as any CCIPS lawyer could possibly be appointed to work an NCET case.Magazine: Tokenizing music royalties as NFTs could help the next Taylor Swift