The American Congress approved the new crypto money regulations, which have been on the agenda in recent days, at night. The bill, which includes innovations on who has the sanction rights in the blockchain and crypto money sector, passed the parliament with the yes vote of the opposition deputies.
#PASSED: In a historic first, the House Financial Services Committee just advanced the BIPARTISAN FIT for the 21st Century Act to protect consumers and provide clear rules of the road for the digital asset ecosystem.
Up next: @HouseAgGOP considers the legislation tomorrow. pic.twitter.com/kOyLmolPuz
— Financial Services GOP (@FinancialCmte) July 26, 2023
The law, which somewhat removed the uncertain environment about who has a say in crypto money in the country, paved the way for a clear classification of digital assets. The new regulation also causes a number of changes in the jurisdictions of the SEC and CFTC. The new regulation gave more powers to the CFTC, while for the SEC, it tied the judicial pathways to certain standards.
“We Are Behind The World!”
Representative Patrick McHenry, the Republican chairman of the US House of Representatives Financial Services Committee, said the following after the bill was passed:
“Financial centers like Australia, Singapore and the UK make clear regulations on cryptocurrencies. The United States, on the other hand, is at risk of falling behind in this regard. We want to catch up with the world in this regard with new laws.”
Opposition Republicans welcome the parliamentary blockchain bill, while ruling Democrats are dissatisfied.
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