Members of the US House Financial Services Committee are still unable to agree on the appropriate way to regulate Bitcoin and blockchain technology.
Several pieces of legislation, including the Financial Innovation and Technology for the 21st Century Act, the Blockchain Regulatory Certainty Act, and the Financial Technology Protection Act of 2023, were considered during a markup hearing on July 26. However, their merits were questioned.
Supporters of the proposed Financial Innovation and Technology for the 21st Century Act say it will help prevent future tragedies like the FTX exchange's demise.
Meanwhile, critics alleged that the act prioritized cryptocurrency firms over consumer safety.
Legislators are continuing to discuss and submit revisions to the measures.