House Financial Services Committee Chairman, Patrick McHenry, has announced the markup of seven bills, three of which are focused on providing legal clarity for the digital assets ecosystem, including blockchain technology and stablecoin payments.
These three bills include:
- H.R. 1747, the Blockchain Regulatory Certainty Act.
- H.R. 4763, the Financial Innovation and Technology for the 21st Century Act.
- H.R. 4766, the Clarity for Payment Stablecoins Act of 2023.
The Financial Innovation and Technology for 21st Century Act (H.R. 4763) was introduced by Republican Representative GT Thompson along with four co-sponsors. The bill aims to establish a framework for the market structure of digital assets tailored to their unique characteristics. The framework will empower the Securities Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to regulate digital assets alongside other essential purposes. Notably, the bill does not cover cryptocurrencies.
The markup date was announced following the introduction of the Financial Innovation and Technology for the 21st Century Act. U.S. Representative French Hill, who chairs the subcommittee on digital assets, emphasized that the legislation seeks to create a practical regulatory framework to protect investors from financial fraud.
Representative Hill further asserted that this law would institute robust consumer safeguards and clear guidelines for market participants, preventing entities like FTX from embezzling billions of dollars in customer funds.
On the other hand, the Blockchain Regulatory Certainty Act(H.R. 1747, provides an exemption to blockchain developers and spares the need for licensing and registration for specific non-controlling blockchain developers and service providers.
The Clarity for Payment Stablecoins Act (H.R. 4766) addresses the regulation of payment stablecoins and meets other related requirements. Representative McHenry released the current version of the bill on June 8, 2023, after incorporating specific recommendations from members of the bipartisan committee.
The markup is scheduled to hold at 2128 Rayburn House Office Building on July 26, 2023.
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