The House of Representatives passed a law regulating the crypto market

Yesterday, the US House of Representatives Committee dealing with financial services was able to approve the bill "On Financial Innovations and Technologies of the XXI Century". Thanks to him, a regulatory framework for the crypto industry will be created.

What is provided in the law

The document was proposed last week. It specifies the obligations of regulators to develop the necessary rules for the cryptocurrency market.

The press release says that the bill will provide clarity in regulation. This is due to the fact that cryptocurrencies are indicated, which should be regulated by one or another agency. This will enable developers to create new products and establish key ways to protect users.

The Chairman of the committee said that thanks to the comprehensive legislation on the structure of the cryptocurrency market, the main question will be recognized: which cryptocurrencies belong to securities and can be part of an investment contract, and which are not.

35 representatives agreed with the proposal. 15 decided to vote against. In addition, the draft law "on blockchain regulation" was approved. It states that organizations and ecosystems that do not control user assets cannot be recognized as financial institutions.

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