U.S. Congress Tables Bill to Clarify Crypto Regulatory Framework

[RobertHarpool]

So ... that's the title of the article: U.S. Congress Tables Bill to Clarify Crypto Regulatory Framework

I feel this bill will go much further than the last few because it moves the ball forward incrementally. It does not make huge sweeping pronouncements. 

 

Here are the highlights: 

The bill titled ‘’Eliminate Barriers to Innovation Act of 2021’’ was submitted on Tuesday (March 9, 2021). 

The legislation seeks to create a working group composed of industry experts and representatives from financial regulatory agencies to evaluate digital assets’ existing legal and regulatory framework in the U.S. 

The bill wants to better define the SEC and CFTC fiefdoms. 

The bill mandates that Congress creates a working group within 90 days composed of SEC, CFTC, and representatives from fintech companies, investor protection groups, financial service institutions, and academic researchers. 

This group would be charged with creating a report analyzing current regs and their effects, how custodial services, private key management, and cybersecurity are regulated, and work on fraud prevention and investor protection practices ... and suggest how to improve the digital assets markets. 

 

 

(edited some typos) 

Edited March 10, 2021 by RobertHarpool

[RobertHarpool]

As a matter of clarity: "tabling" a bill has two meanings. The first (practical) is to send it to the proper committee for review and whatnot. The second (political) is to send it to an irrelevant committee to whither and die. 

I'm pretty sure this is going to the right place. 

 

You can follow this bill's progress or read the specific language of it on govtrack.us 

 

It is a bipartisan bill ... sponsored by Patrick McHenry (R-NC) and Stephen Lynch (D-MA) 

Edited March 10, 2021 by RobertHarpool