Crypto’s upcoming FCA meeting aims to achieve enhanced regulatory clarity for the digital asset ecosystem, covering cryptocurrencies, blockchain development, and stablecoin payments.
Patrick McHenry, Chairman of the House Financial Services Committee (FSC), recently made an announcement regarding the markup of several legislations. Notably, three of these legislations are targeted at providing regulatory clarity for the digital asset ecosystem, with a focus on digital assets, blockchain development, and stablecoin payments.
Scheduled for July 26, the Committee on Financial Services will convene to discuss and markup various bills, including H.R. 4763, known as the Financial Innovation and Technology for the 21st Century Act; H.R. 4766, the Clarity for Payment Stablecoins Act of 2023; and H.R. 1747, the Blockchain Regulatory Certainty Act, among others.
One particular focus among these bills is the regulation of stablecoin payments, championed by McHenry. The aim is to establish a clear regulatory framework for the issuance of stablecoins that are intended for use as a medium of payment.
On July 21, a memorandum highlighted the goals of H.R. 4763, which is intended to establish an appropriate market structure framework specifically tailored to the unique characteristics of digital assets. Additionally, H.R. 1747 aims to eliminate the necessity for blockchain developers to obtain licenses as long as they are not involved in dealing with cryptocurrencies.
The timing of these discussions coincided with the introduction of the Financial Innovation and Technology for the 21st Century Act, which garnered the support of U.S. Representative French Hill, Chairman of the Subcommittee on Digital Assets. Hill emphasized the importance of creating a functional regulatory framework to safeguard investors from financial fraud, illustrating that such measures would have prevented incidents like the theft of billions of customer funds by FTX.
DoJ Merges Teams: Crypto Crime Priority
In a bid to combat crypto-related crimes, the United States Department of Justice (DoJ) has taken significant steps by doubling the headcount of its crypto crime team. This decision involves the merging of two existing DoJ teams: the Computer Crime and Intellectual Property Section (CCIPS) and the National Cryptocurrency Enforcement Team (NCET). The consolidation of these teams results in a more robust structure with additional resources dedicated to addressing criminal activities related to cryptocurrencies.
This expansion signifies a notable increase in the number of criminal division attorneys who will now be available to handle cases involving criminal activities in the realm of cryptocurrencies. Any attorney from the CCIPS may potentially be assigned to work on cases brought forward by the NCET, effectively more than doubling the capacity to address crypto-related crimes.