News - Will these crypto laws bring clarity to the US?

By Luc Vesters

Will these crypto laws bring clarity to the US?

USA
Laws and regulations

Is this the turnaround for the U.S.? The Treasury Committee of the U.S. House of Representatives has passed several crypto bills designed to bring regulatory clarity to the industry in the United States.

Representatives of Democrats and Republicans agreed to this this morning. In a vote, House members voted 35 to 15 in favor of the 21st Century Act. Next, the bill must go through the Agriculture Committee.

In the future, the laws will regulate the responsibilities of the U.S. authorities CFTC and SEC. Crypto projects to be regulated by the CFTC as "digital goods" must first be reviewed by the SEC. To do so, the coin or token must be "sufficiently decentralized." The law also provides opportunities for cryptocurrencies to transform from securities to commodities.

The way should also be cleared for crypto exchanges to register with the SEC as a so-called "Alternative Trading System" (ATS). In the past, trading platforms have complained about unclear guidelines from the U.S. Securities and Exchange Commission.

The "Blockchain Regulatory Certainty Act" also passed through committee. The act aims to regulate which blockchain companies are money brokers. Earlier, there were discussions about to what extent mining companies, DeFi platforms and MultiSig providers are also covered by the regulations.

However, Republican Tom Emmer gives the green light: "As long as you are not managing customers' money, you are not a money broker." Overall, the law is a "big win" for the crypto industry.

Meanwhile, the bill "The Market Structure for Digital Assets" failed. That should also clarify responsibilities between the CFTC and the SEC. However, MPs criticized the lack of involvement of the U.S. Securities and Exchange Commission.

The bills could end the trench warfare between U.S. regulators and the crypto industry. Several lawsuits are currently pending between the SEC and industry giants such as Coinbase, Binance or Gemini.

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