'Pro crypto bill' passes out of US House Agriculture Committee
Tact was pervasive in the United States House of Representatives Agricultural Committee’s consideration of the Financial Innovation and Technology for the 21st Century Act on July 27. With many references to bipartisanship and self-congratulatory mentions of the members’ cooperation and hard work, the committee plowed through a series of amendments calmly and quickly.
The bill, co-written by Republican members of the Agriculture and Financial Services Committee, seeks to create a comprehensive regulatory framework for digital assets. It was debated in the Financial Services Committee along with several other bills a day earlier.
Ranking member David Scott introduced the Democrats’ concerns, claiming that consumer protections need to be strengthened in the bill. It does not provide for third-party auditing, he said.
In addition, funding for the Commodity Futures Trading Commission (CFTC) was not increased in line with the new authorities the bill would give it, though it was later pointed out that the bill provides the CFTC with the minimum level of funding requested by chair Rostan Behnam.
Related: US lawmakers hold EU and UK as examples of crypto regulation in joint hearing
The bipartisanship took a while to show through as Rep. Alma Adams called the bill “a fast track to investor confusion.” Her amendment to guarantee diversity on the boards of market participants was later voted down.
The provisional registration measures evoked comment from several legislators. Eventually, an amendment proposed by Rep. Yadira Caraveo to require provisionally registered parties to belong to a futures trade association was passed, with the purpose of providing some oversight of them while regulations were being worked out.
Shifting
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