Congress is taking significant steps in the world of cryptocurrency regulation. A revised version of the CLARITY Act has been unveiled, paving the way for an important markup session scheduled for this week.
The latest iteration of the CLARITY Act, known as the Amendment in the Nature of a Substitute (ANS), has been released with some updates and modifications from the original bill. According to FOX Business reporter Eleanor Terrett, this version will serve as the foundation for a crucial markup session in the House Financial Services Committee.
Terrett also highlighted that there are two separate versions of the bill from the House Financial Services Committee and the House Agriculture Committee. Both committees will conduct reviews and make amendments to their respective versions on Tuesday, after which the two versions will be combined into a final unified bill.
In a recent update shared by Franc Corva, it was revealed that the revised bill brings positive news for crypto developers and wallet providers. Developers who do not control the blockchain will not be classified as money transmitters, and activities related to decentralized finance (DeFi) and software enabling users to maintain control of their private keys will not fall under the regulation of this act.
Furthermore, the update specifies that the Bank Secrecy Act rules will only be applicable to centralized intermediaries and not decentralized projects, granting more flexibility to developers and users within the crypto space. The addition of new banking rules regarding the utilization of digital assets and blockchain for national banks and insured state banks is also outlined in the update.
The primary objective of the bill is to provide clarity on how U.S. laws apply to cryptocurrencies such as Bitcoin, Ethereum, and stablecoins. It aims to define the regulatory authority of agencies like the SEC and the CFTC in overseeing different types of digital assets.
This update signifies a positive advancement towards establishing clear regulations for the crypto industry. By delineating the classification of digital assets, specifying the roles of regulatory bodies, and outlining the compliance requirements for companies, this legislation aims to create a safer and more predictable environment for innovation and growth in the crypto sector.
In a separate development, the U.S. has taken a significant stride towards embracing Bitcoin. Rep. Tim Burchett has introduced a new bill, H.R. 3798, which seeks to formalize Trump’s proposal for a strategic Bitcoin reserve into law. If approved, the U.S. government would commence the accumulation of its own Bitcoin reserves.
The bill is currently under review by the House Financial Services Committee, with proponents touting the potential economic benefits and advancement of crypto adoption, while critics express concerns regarding Bitcoin’s price volatility. This initiative underscores the growing acceptance and integration of cryptocurrencies into mainstream financial and legislative frameworks.