Crypto Bills Pass U.S. Congress: New Rules for Firms and Anonymous Transactions

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• The US House of Financial Services Committee voted to approve two crypto bills, the Financial Innovation and Technology for the 21st Century Act and the bipartisan Blockchain Regulatory Certainty Act.
• The Senate also passed an amendment within a $886 billion 2024 National Defense Authorization Act which will require examination standards for crypto transactions and crack down on anonymous crypto transactions.
• Canada’s financial watchdog is proposing changes to its capital and liquidity approach to crypto assets with two draft guidelines open for public consultation until September 20.

Major Success in US Congress for Two Crypto Bills

The United States took a step closer to regulatory clarity for its crypto industry last week when the House Financial Services Committee (FSC) approved two bills in a 35–15 vote. The first is called the Financial Innovation and Technology for the 21st Century Act, which establishes rules for when crypto firms must register with either the Commodity Futures Trading Commission (CFTC) or Securities Exchange Commission (SEC). The second bill is called the Blockchain Regulatory Certainty Act, sponsored by Republican Representative Tom Emmer and Democratic Representative Darren Soto. It sets guidelines removing hurdles and requirements for blockchain developers and service providers such as miners, multisignature service providers, decentralized finance platforms, etc.

Other Crypto Developments

The U.S. Senate also passed one important amendment within their $886 billion 2024 National Defense Authorization Act last week. This amendment was advanced by a group of senators including Cynthia Lummis, Elizabeth Warren, Kirsten Gillibrand, Roger Marshall etc., requiring examination standards of cryptocurrency as well as cracking down on anonymous crypto transactions such as using mixers like Tornado Cash that make transactions private.

Canadian Regulations

Canada’s financial regulator Office of the Superintendent of Financial Institutions (OSFI) has proposed changes to their capital and liquidity approach towards cryptocurrencies. They have defined four categories of crypto assets along with capital treatment rules intended to simplify institutions’ approach towards perceived risks associated with these digital assets. These proposals come in form of two draft guidelines which are open for public consultation until September 20th this year.

Opposition from Lawmakers

Despite significant progress made on this matter last week, some lawmakers refused to back another proposed piece of legislation named Digital Assets Market Structure Bill due to lack of compliance with SEC regulations from it according to representative Maxine Waters who opposed it strongly.

Conclusion

It appears that more regulation regarding cryptocurrencies are expected in both US & Canada in near future following these developments last week & consultations opened by OSFI in Canada regarding their proposal relating cryptocurrency regulations & capital treatment rules

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