Crypto Regulations Closer Than Ever: US House Panel Approves 2 Bills As Congressman Emmer Hails 'Huge Win'

A United States House panel on Wednesday gave its approval to two bills aiming to bring regulatory clarity to crypto firms. 

What Happened: These bills address key issues like jurisdictional differences between securities and commodities regulators and provide guidelines for blockchain developers and service providers.

The first bill, known as the Financial Innovation and Technology for the 21st Century Act, was approved by a majority of U.S. lawmakers on July 26. 

It establishes a framework for crypto firms to determine whether they should register with the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC). 

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Why It Matters: The second bill, called the Blockchain Regulatory Certainty Act, was sponsored by Republican Congressman Tom Emmer and Democratic Congressman Darren Soto. 

Emmer praised the passage of the Blockchain Regulatory Certainty Act as a “huge win” for the United States. He explained that the bill “specifically deals with what blockchain-related entities qualify as money transmitters” in the United States. 

He added, “if you don't custody customer funds, you are not a money transmitter.” 

Price Action: At the time of writing, Bitcoin BTC/USD was trading at $29,449, up 0.81% in the last 24 hours, according to Benzinga Pro.

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