Major Crypto Bills Pass In US Congress
• The House Financial Services Committee approved two crypto bills in a 35–15 vote, the Financial Innovation and Technology for the 21st Century Act and the bipartisan Blockchain Regulatory Certainty Act.
• The Digital Assets Market Structure Bill was not supported by several lawmakers due to its failure to follow regulatory guidance from the SEC.
• The U.S. Senate passed the $886 billion 2024 National Defense Authorization Act which includes an amendment requiring examination standards for crypto and a study aimed at cracking down on anonymous crypto transactions.
Financial Innovation and Technology for the 21st Century Act
The Financial Innovation and Technology for the 21st Century Act is intended to establish rules for crypto firms on when to register with either the Commodity Futures Trading Commission (CFTC) or the Securities and Exchange Commission (SEC). It seeks to set guidelines removing hurdles and requirements for “blockchain developers and service providers” such as miners, multisignature service providers and decentralized finance platforms.
Digital Assets Market Structure Bill
The Digital Assets Market Structure Bill was not supported by several lawmakers due to its failure to follow regulatory guidance from the SEC. Representative Maxine Waters criticized it for too closely heeding calls of the crypto industry without providing sufficient regulatory guidance from SEC.
National Defense Authorization Act
The U.S. Senate also passed the $886 billion 2024 National Defense Authorization Act which includes an amendment requiring examination standards for crypto, as well as a study aimed at cracking down on anonymous crypto transactions like Tornado Cash mixers that make transactions private.
Proposed Changes To Capital & Liquidity Approach To Crypto Assets By Canada’s OSFI
Canada’s financial watchdog, Office of the Superintendent of Financial Institutions (OSFI), is proposing changes to its capital and liquidity approach to crypto assets, defining four categories of crypto assets and their capital treatment. The OSFI has opened public consultations on two draft guidelines until Sept 20th seeking feedback from stakeholders regarding these proposed changes.