{"id":1986064,"date":"2023-07-30T07:26:02","date_gmt":"2023-07-30T11:26:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/cryptocurrency-back-in-spotlight-in-legislative-push-from-congress\/"},"modified":"2023-07-30T07:31:28","modified_gmt":"2023-07-30T11:31:28","slug":"cryptocurrency-back-in-spotlight-in-legislative-push-from-congress","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/cryptocurrency-back-in-spotlight-in-legislative-push-from-congress\/","title":{"rendered":"Congress is pushing for cryptocurrency legislation, putting it back in the spotlight."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fcryptocurrency-back-in-spotlight-in-legislative-push-from-congress%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1986064&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Big Week \u200bfor Cryptocurrency Legislation on Capitol Hill<\/h2>\n<p>It was an eventful week for cryptocurrency on Capitol Hill, with the House making significant progress\u2063 on \u200bkey legislation and a group of bipartisan senators \u200cplanning an even more aggressive bill. Lawmakers are aiming to establish stronger regulations for the cryptocurrency industry, particularly in light of the FTX collapse last\u200c year. The\u200b <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/abolishing-tenure-will-undermine-red-state-efforts-to-reform-higher-education\/\" title=\"Abolishing Tenure Will Undermine Red-State Efforts To Reform Higher Education\u00a0\u00a0\">proposed bills seek<\/a> \u200dto overhaul crypto regulation, create a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/white-house-releases-list-of-president-trumps-accomplishments-and-it-is-historic\/\" title=\"White House Releases List of President Trump\u2019s Accomplishments \u2013  And It Is Historic!\">regulatory framework<\/a> for stablecoins, and crack down \u200don the use of digital assets for \u200bmoney laundering.<\/p>\n<h3>House Financial Services Committee Approves Regulatory Framework<\/h3>\n<p>On Wednesday,\u200c the House Financial Services Committee approved\u200b legislation that\u2064 would establish a regulatory\u200c framework for the issuance and \u200btrading of digital \u200cassets at the Securities and Exchange Commission (SEC) and Commodity Futures\u2062 Trading Commission (CFTC). The bill \u200creceived a 35-15 vote, with six Democrats joining Republicans in support. The \u200clegislation requires cryptocurrency companies to \u200bregister with either the SEC or CFTC and\u200d introduces a certification system for issuers to demonstrate sufficient decentralization. This classification as commodities would place tokens under the oversight of the CFTC. The bill also mandates joint rulemaking by the SEC and CFTC and calls \u200dfor \u2063studies on nonfungible tokens and \u200bdecentralized finance.<\/p>\n<p>The legislation aligns with \u200da recent\u2062 federal judge&#8217;s ruling that\u2062 cryptocurrency Ripple&#8217;s token \u2064is not necessarily\u2064 a security. The inclusion of this language in the bill reflects the ruling&#8217;s impact.<\/p>\n<p>Despite some opposition, the bill\u2064 was seen as an improvement over the current situation by \u2062lawmakers like Rep. Jim Himes, who voted \u2062in favor of it. However, caution was\u200c advised by John Berlau, a\u2062 senior fellow at the Competitive Enterprise Institute, who\u2063 emphasized the need to avoid granting excessive power to federal agencies.<\/p>\n<h3>Focus on\u200b Stablecoin Market<\/h3>\n<p>Another significant \u2062piece\u200b of legislation\u200b passed out of the Financial \u2063Services Committee on Thursday, targeting the stablecoin market. Stablecoins are a type of cryptocurrency that maintains its value by being backed by an underlying asset, such as gold or fiat currency. The Clarity for Payment \u2063Stablecoins Act, \u200bwhich passed with a 34-16 vote, establishes a federal regulatory structure while allowing individual states to play a role. The bill \u2063defines the assets that can \u2064back stablecoins, requires stablecoin issuers to submit certificates to regulators, sets parameters for banks issuing stablecoins, and establishes capital \u2064requirements for issuers.<\/p>\n<p>The markup \u2062session for this legislation began with Chairman Patrick McHenry accusing the White House of hindering bipartisan efforts to reach a deal. Despite this,\u200b progress was made in defining \u200bregulations for stablecoins.<\/p>\n<h3>Bipartisan Effort \u200cto Combat Money Laundering<\/h3>\n<p>On Friday, a \u2062bipartisan group of senators, led by Elizabeth Warren and\u2063 Roger Marshall, reintroduced the Digital Asset Anti-Money Laundering\u2062 Act. This\u2063 legislation\u200d aims to crack down \u2064on money \u2062laundering and terrorism financing through cryptocurrencies. The bill would enforce know-your-customer rules on participants in the cryptocurrency space, such as wallet providers and crypto miners. It would also require institutions \u200cto verify customer identities and keep records \u2064of\u2063 transactions\u2063 involving &#8220;unhosted&#8221; wallets.<\/p>\n<p>Warren emphasized the need to address the \u200buse of cryptocurrencies by rogue nations, \u200bdrug lords, and \u200cfraudsters for illicit activities. The bill \u2062aims to provide regulators with the necessary tools to\u2064 combat crypto crime.<\/p>\n<h3>Bitcoin Price and Industry Outlook<\/h3>\n<p>Amid the regulatory push, the price of bitcoin, \u2062a key indicator of the overall cryptocurrency market, experienced\u200c some decline. However, overall, bitcoin and other crypto tokens have\u200b seen an increase in value \u200bsince the beginning of the \u200byear. As of Friday afternoon, bitcoin was trading above $29,000, marking a 16%\u200c increase from a recent dip\u200c in June and a significant 76% increase since the start of the \u2064year.<\/p>\n<p>Despite the challenges faced by the industry, the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/cryptocurrency-back-in-spotlight-in-legislative-push-from-congress\/\" title=\"Congress is pushing for cryptocurrency legislation, putting it back in the spotlight.\">recent legislative developments provide hope<\/a> for a more regulated and \u2062secure cryptocurrency landscape.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Capitol Hill witnessed a significant week for cryptocurrency as the House advanced major legislation and senators prepared a more assertive bipartisan bill. Lawmakers aim to establish stricter regulations for the cryptocurrency industry, particularly in light of recent consequences.<\/p>\n","protected":false},"author":1,"featured_media":1986065,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[538],"tags":[],"class_list":["post-1986064","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-washington-examiner"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1986064","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1986064"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1986064\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1986065"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1986064"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1986064"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1986064"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}