US FSC chairman eyes regulatory clarity for crypto, stablecoin ecosystems

Representative Patrick McHenry, the chairman of the House Financial Services Committee (FSC), announced the markup of legislation aimed at providing regulatory clarity for the digital asset ecosystem.

The committee will meet on July 26 to markup H.R. 4763, 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.

Out of the lot, the markup on clarity for stablecoin payments was introduced by McHenry, which aims to bring regulatory clarity for the issuance of stablecoins designed to be used for payment.

<em>A snippet of FSCs agenda on crypto regulation for July 26. Source:</em>

As stated in the memorandum issued on July 21, H.R. 4763 establishes a digital asset market structure framework appropriate for the unique characteristics of digital assets. H.R. 1747 prevents the need for blockchain developers to acquire licenses as long as they don’t deal in cryptocurrencies.

The date for the markup was announced a day after the introduction of the Financial Innovation and Technology for the 21st Century Act. U.S. Representative French Hill, the chairman of the Subcommittee on Digital Assets, said that establishing a functional regulatory framework protects investors from financial fraud.

“This legislation would not only have prevented FTX from stealing billions of customer funds, but also establishes robust consumer protections and clear rules of the road for market participants,” he added.

Related: UK FCA shuts down 26 crypto ATMs following coordinated investigation

Meanwhile, the U.S. Department of Justice (DoJ) has decided to double the headcount of its crypto crime team.

Two DoJ teams: the Computer Crime and Intellectual Property Section (CCIPS), and the National Cryptocurrency Enforcement Team (NCET), will merge to create a larger structure with new additional resources.

The number of criminal division attorneys available to work on criminal cryptocurrency matters will “more than double,” as any CCIPS attorney could potentially be assigned to work an NCET case.

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