Bill to Clarify Cryptocurrency Regulations Passed by the US House of Representatives

In the United States, a bill to clarify regulations on digital assets, including cryptocurrencies, has passed the House of Representatives. Coinpost reported this on the 22nd.

The bill required the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to form a joint working group specialized in digital assets. Officials, including private companies, are also required to exchange opinions together.

The name of the bill is “Eliminate Barriers to Innovation Act of 2021”, with the aim of promoting innovation. The bill was submitted in March of this year. According to a press release on the 20th, it has passed through the House of Representatives now, and is expected to be deliberated in the Senate from now on.

In the United States, there are no national laws for digital assets yet. Currently, each state has rules, and it responds to criteria such as whether a specific cryptocurrency is a security or a product, as a case-by-case. Securities are SEC, products are CFTC, and the supervisory authority is different.

For this reason, there are voices in the cryptocurrency industry that regulations need to be clarified over a long period of time, and this legislation aims to solve the problem.

The bill states that the SEC and CFTC must form a working group within 90 days of enacting the law. In addition, within one year from the enactment of the law, the Working Group is required to submit a report analyzing the legal structure and countermeasures to digital assets of other countries to the relevant organizations such as the SEC and CFTC.

(Yeon-guk-de, 暗号資産 (仮想通貨))

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Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.