US lawmakers spar on the direction of crypto bills. Debate heats up as House Financial Services Committee considers critical pieces of legislation addressing regulatory clarity and consumer protection in the crypto space.
Members of the United States House Financial Services Committee seem to be divided on the best legislative path forward dealing with regulatory clarity for crypto and blockchain technology.several bills on its agenda including the Financial Innovation and Technology for the 21st Century Act, Blockchain Regulatory Certainty Act, and Financial Technology Protection Act of 2023 — all directly related to addressing the regulation of cryptocurrencies.
Committee chair Patrick McHenry said the Financial Innovation and Technology for the 21st Century Act would help clarify the authority the Securities and Exchange Commission and Commodity Futures Trading Commission had over payment stablecoins.
on XRP as a security. Massachusetts Representative Stephen Lynch referred to the bill as the “worst piece of legislation that has been presented for markup” in his roughly 20 years in government.
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