US Takes A New Step Towards Crypto Regulation

US Takes A New Step Towards Crypto Regulation

The United States takes a new step towards crypto regulation. The House of Representatives passed a new law that seeks to clarify certain regulatory parameters for cryptocurrencies.

The United States House of Representatives last Tuesday passed the Elimination of Barriers to Innovation Act (HR 1602), a bill presented by Patrick McHenry , a Republican representative from North Carolina. The initiative stood out within a battery of initiatives approved by the Lower House for being the only one focused on regulatory frameworks for the crypto market .

The proposal presented by McHenry last month seeks to establish precise roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) in terms of the supervision of operations with digital assets in the country. In addition, the legislation seeks to determine whether digital assets are legally considered as securities or commodities.

In particular, as the legislator himself expressed to his colleagues, the initiative urges the two aforementioned organizations to collaborate in the formation of working groups that focus on cryptocurrencies. The objective is “to open the dialogue between regulators and market participants, to move towards the necessary clarity . ”

The assembly of these groups or commissions will be in charge of the Congress itself, which in the 90 days following the approval of the law must regroup members of the SEC and the CFTC with representatives of the private sector (investors, businessmen, leaders of exchanges and the rest).

The responsibility that will fall on these committees will be the preparation of a report that goes through the different points that a regulatory framework should address ; cybersecurity, custodial services, private keys, tax charges, data protection, among other points. To do this, they will have a term of one year.

The approval of the project aroused enthusiasm among the American crypto community, which – in the mouth of its referents – had already expressed concern about the scant attention the market received from the ruling class.

A greater approach from the Government and progress towards well-defined regulatory frameworks will allow greater protection and security to the projections of companies, investors and holders .

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