US lawmakers have voted in majority for the passage of a crypto regulation bill, touted to be a significant turning point for its crypto space.
A significant progress point has been marked for the crypto industry in the US recently. A crypto regulation bill was passed by US lawmakers, who also approved another bill with the same. The two crypto bills could solve major regulatory hurdles crypto firms have faced recently.
Legal battles have recently ensued between regulators and crypto firms in the United States. Experts have claimed the lack of regulatory clarity and consensus on crypto, for which both sides have been apprehensive. With the passageway of the two crypto bills, the crypto space could look forward to friendlier outlooks.
The Blockchain Regulatory Certainty Act and Financial Innovation and Technology for the 21st Century Act have been the bills under discussion. Both received approval from the United States House Financial Services Committee.
Vice Chair of the committee, French Hill, said, “We have crafted landmark legislation that establishes robust consumer protections and clear rules of the road for market participants while keeping innovation in the United States.”
On the other hand, the Blockchain Regulatory Certainty Act would regulate other aspects of the industry. It includes DeFi platforms and miners. Several lawmakers lauded the approval of both bills. Tom Emmer, one of the sponsors of the blockchain bill, praised the committee’s decision.